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2021-01-01 2021-12-31 0000933691 jnlst:C000192068Member 2022-01-01 2022-12-31 0000933691 jnlst:C000192068Member 2023-01-01 2023-12-31 0000933691 jnlst:C000192068Member 2024-01-01 2024-12-31 iso4217:USD pure false 485BPOS 0000933691 2026-04-23 N-1A JNL SERIES TRUST 2026-04-27 JNL/American Funds Balanced Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks high total return (including income and capital gains) consistent with preservation of capital over the long term through exclusive investment in the shares of the American Funds Insurance Series® - Asset Allocation Fund (“Master Fund”). 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zuk9SFPzQt01"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zsT4ZhGpqwil"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zaoS7LB2GpA8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000004694Member_zYdX9ndNDlHa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z3hpmGM5kbi1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.77%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z1DuVljafCJ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zcjZzeCJK8De" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zG8unt0Pvkd5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.20%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zPs8EAxY0ac2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zdSyKAi3zw33" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.90%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000067992Member_zNaZ4lU7qDKc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zhZcCck9MJYk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.77%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3oLBbJNW8W2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z7er5aK3YWLb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zdbcuGQ5TmId" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.90%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zcjdkrOqZ3Ig" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zVC2GRQ2mgIk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.60%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0077 0.0030 0.0013 0.0120 -0.0030 0.0090 Expense information has been restated to reflect current fees. 0.0077 0.0000 0.0013 0.0090 -0.0030 0.0060 Expense Example.(1) 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8rYvxTzT3Y6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z4DcRx4o4yy6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Balanced Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zy30bLsOLWF2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zrYfc6QVCXz6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z6utIjBpl0Nc" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zkSUPJBu7BQa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000004694Member_za69ipD50jIa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$92</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$351</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$631</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,428</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Balanced Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zo45PEwy6k9f" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zTU0v2FU7xPi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zRZBweRTGFY" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_zjpwjvlgcig8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000067992Member_zvk86R9Tut5h" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$61</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$257</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$469</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,080</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">The example reflects the aggregate expenses of both the Fund and the Master Fund.</td> </tr></table> 92 351 631 1428 61 257 469 1080 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98C_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001787Member_zbrr14Ciiirj" style="border-bottom: black 1pt solid; width: 16%; text-align: right">72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.72 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund varies its mix of equity securities, debt securities and money market instruments. Under normal market conditions, the Master Fund expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As of December 31, 2025, the Master Fund was approximately 65% invested in equity securities, 31% invested in debt securities and 4% invested in money market instruments and cash. The proportion of equities, debt and money market securities held by the Master Fund varies with market conditions and the Master Fund’s investment adviser’s assessment of their relative attractiveness as investment opportunities. The Master Fund invests in a diversified portfolio of common stocks and other equity securities, bonds and other intermediate and long-term debt securities, including U.S. Government securities, and money market instruments (debt securities maturing in one year or less). The Master Fund may invest up to 15% of its assets in common stocks and other equity securities tied economically to countries outside the United States and up to 5% of its assets in debt securities of issuers domiciled outside the United States. In addition, the Master Fund may invest up to 25% of its debt assets in lower quality debt securities (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Master Fund or unrated but determined to be of equivalent quality by the Master Fund). Such securities are sometimes referred to as “junk bonds.” The Master Fund uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual portfolio managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Fund’s investment adviser believes that they no longer represent relatively attractive investment opportunities. Under normal market conditions, the Master Fund expects (but is not required) to maintain an investment mix falling within the following ranges: 40%-80% in equity securities, 20%-50% in debt securities and 0%-40% in money market instruments and cash. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_za7aRUf3ksF4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zlctEbJ2RELf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zWdkceAnX8kj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zOY3fzg5ewGg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zSBaX3USrOeg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zmTa1UZsBSnj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zquYddOGj5Pe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zg0KKSmcBEt6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_z5ChXYHDdeti"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zwBqOMiedHgh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zO1g6QEh2s94"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.</td></tr></table> Performance. Prior to April 24, 2017, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 24, 2017, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 24, 2017 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. For the period from April 24, 2017 through December 31, 2017, the Fund’s performance information set forth below is the performance of the Master Fund (adjusted to reflect the fees of the Class A and Class I shares of the Fund, as applicable). For periods following January 1, 2018, the Fund’s performance information set forth below is the performance of the Feeder Fund. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% S&P 500 Index/40% Bloomberg U.S. Aggregate Index as the Fund’s secondary benchmark. Consistent with the Fund’s principal investment strategies, the Fund uses the Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zEJ3nbXACDR2"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004694Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_416_20160101__20161231_zdQMh2xsKSB9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.73%</td></tr> <tr id="xdx_41E_20170101__20171231_zEgyeuRS2til"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">16.71%</td></tr> <tr id="xdx_41D_20180101__20181231_zMw3gjhQ23tb"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.89%</td></tr> <tr id="xdx_411_20190101__20191231_zx8t2wQkrpic"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">20.78%</td></tr> <tr id="xdx_418_20200101__20201231_zYcvSrGqJCa8" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">12.06%</td></tr> <tr id="xdx_415_20210101__20211231_zr15Xgwkl0La" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">14.71%</td></tr> <tr id="xdx_41F_20220101__20221231_zHByf7VQ7E87"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.76%</td></tr> <tr id="xdx_41C_20230101__20231231_zZCB6Ist3mEk"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.85%</td></tr> <tr id="xdx_418_20240101__20241231_zfDYjk7fKvCi"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">16.05%</td></tr> <tr id="xdx_41B_20250101__20251231_zMxoMdhB6Wa1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">15.48%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.73,2017:16.71,2018:-4.89,2019:20.78,2020:12.06,2021:14.71,2022:-13.76,2023:13.85,2024:16.05,2025:15.48)" src="jnlst485bpos001.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.67%; Worst Quarter (ended 3/31/2020): -13.59% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067992Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_419_20160101__20161231_z6svVxIANmN8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.87%</td></tr> <tr id="xdx_41B_20170101__20171231_zwmadvYu7nY9"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">17.03%</td></tr> <tr id="xdx_414_20180101__20181231_zwDjy2aXdFM3"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.56%</td></tr> <tr id="xdx_414_20190101__20191231_zCBEIp3HAzHi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.09%</td></tr> <tr id="xdx_41C_20200101__20201231_zfvNbgcliZKd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">12.38%</td></tr> <tr id="xdx_41E_20210101__20211231_zT5bFIduWPLa" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.08%</td></tr> <tr id="xdx_411_20220101__20221231_zirsYs5zhRda"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.46%</td></tr> <tr id="xdx_416_20230101__20231231_zp9IXPYWumT1"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.18%</td></tr> <tr id="xdx_412_20240101__20241231_z1q6ZomHT6bg"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">16.35%</td></tr> <tr id="xdx_41D_20250101__20251231_zBWZLUxF8aOa"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">15.83%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.87,2017:17.03,2018:-4.56,2019:21.09,2020:12.38,2021:15.08,2022:-13.46,2023:14.18,2024:16.35,2025:15.83)" src="jnlst485bpos002.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.79%; Worst Quarter (ended 3/31/2020): -13.54% 0.0573 0.1671 -0.0489 0.2078 0.1206 0.1471 -0.1376 0.1385 0.1605 0.1548 Best Quarter 2020-06-30 0.1367 Worst Quarter 2020-03-31 -0.1359 0.0587 0.1703 -0.0456 0.2109 0.1238 0.1508 -0.1346 0.1418 0.1635 0.1583 Best Quarter 2020-06-30 0.1379 Worst Quarter 2020-03-31 -0.1354 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zugmwVauiafk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z79gbcgPZ8zg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zaO0fL8kSSv2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_z075Sfssj6b9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zVLq6bRiCAV3" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004694Member_z48II56xkXF4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds Balanced Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.48</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.14</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zUgNkaRePHc5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentSAndP500IndexFortyPercentBloombergUSAggregateIndexMember_zG1Mm4MTN495" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z9SrO2JTNd17" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zZNiKobcs4il" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zSMqZrZpXsN6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zkYqxR9JwCgk" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067992Member_z81Gi5WqNZ0a" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds Balanced Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.45</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zRIQqM6HktPh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentSAndP500IndexFortyPercentBloombergUSAggregateIndexMember_z3PTDGn4gnX7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z9rMaT2gb379" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1548 0.0858 0.0914 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1370 0.0847 0.0978 0.0730 -0.0036 0.0201 0.1583 0.0891 0.0945 0.1788 0.1442 0.1482 0.1370 0.0847 0.0978 0.0730 -0.0036 0.0201 JNL/American Funds Bond Fund of America Fund Class A Class I Investment Objective. The Fund (“Fund” or “Feeder Fund”) seeks to provide as high a level of current income as is consistent with the preservation of capital through exclusive investment in the Class 1 shares of the American Funds Insurance Series® - The Bond Fund of America® (“Master Fund”). 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. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zyr5f3JyHCQ9"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zBoZsHJuZlc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z04KaaMIknsj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000225794Member_zpras2GNijOl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zX28QDlzs04c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.75%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zS1LCq2g48Ii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zpAETU8Lknm6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zxIk0LTqZSWk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.18%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zmxzqTZD00Pg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zwMlW23X0F9c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000225793Member_z3wCjaafhic1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zjHhvnYps507" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.75%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXtooVBh1KVi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zWpK42uhtd53" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zeOYlh6Q33o6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.88%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zkpR5l5c21gb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_z5BV72xyly5b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.52%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0075 0.0030 0.0013 0.0118 -0.0036 0.0082 Expense information has been restated to reflect current fees. 0.0075 0.0000 0.0013 0.0088 -0.0036 0.0052 Expense Example.(1) 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQ3Vkmf8akv4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zfN9hJfSzGfi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Bond Fund of America Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zrx0VVoWw72j" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zMyvn5mkdSQ6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zsTIfrs93N7j" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zTA1Cs0NVnI3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000225794Member_zawVM8KwTtUl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$339</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$614</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,400</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Bond Fund of America Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zHWfHTkjr3g1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zOuA6juzphc4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zdfcc2VVoid2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zZZ5knujaEqd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000225793Member_zFAIIisRLRUl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$53</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$245</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$452</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,051</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: right">(1)</td><td style="width: 5pt"></td><td style="text-align: justify">The example reflects the aggregate expenses of both the Fund and the Master Fund.</td> </tr></table> 84 339 614 1400 53 245 452 1051 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98A_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000071126Member_zAFwTTDty6Dc" style="border-bottom: black 1pt solid; width: 16%; text-align: right">159</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.59 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund seeks to maximize the level of current income and preserve capital by investing primarily in bonds. Normally, the Master Fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Master Fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations designated by the Master Fund’s investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the Master Fund’s investment adviser, and in U.S. Government securities, money market instruments, cash or cash equivalents. The Master Fund may also invest in debt securities and mortgage-backed securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. Government. The Master Fund may invest in inflation-linked bonds issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations. Inflation-linked bonds are structured to protect against inflation by linking the bond’s principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index. The Master Fund may invest in futures contracts and swaps, which are types of derivatives. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The Master Fund may invest up to 5% of its assets in debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Master Fund, or in debt securities that are unrated but determined to be of equivalent quality by the Master Fund’s investment adviser. Securities rated Ba1 or below and BB+ or below are sometimes referred to as “junk bonds.” The Master Fund uses a system of multiple portfolio managers in managing the Master Fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual portfolio managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively priced securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Fund’s investment adviser believes that they no longer represent relatively attractive investment opportunities. Normally, the Master Fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zKu8pZGBL1O2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zRBon8HeRnXk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zEzrDlojo5If"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zZ8bm4VuyfJd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRatingsRiskMember_ztsA5dzWGyW9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zBE7VShTWTnl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zyhGct515rEk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zhUe54BHib8a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zx3YyJO5feZd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z5PKq1JXQWA"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zmZkeIFuHAF4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardAndFuturesContractRiskMember_z0ADs7nnh4m7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TipsAndInflationLinkedBondsRiskMember_zAXzSdiUMMkf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zlBsJkiGOtjf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_z5oHHpZ9ulUd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zQdggFWTv8Qi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</td></tr></table> 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A83_eoef--BarChartTableTextBlock_zMOl2ELRxFN5"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zK8vdHH1cEJj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225794Member_zrfQcVxZWccc" style="font-weight: bold; text-align: left; width: 50%">2</td></tr> <tr id="xdx_416_20220101__20221231_zasZUxCTn4ul"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-12.86%</td></tr> <tr id="xdx_413_20230101__20231231_zr3iLOktvtwk"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.65%</td></tr> <tr id="xdx_415_20240101__20241231_zKDEYx0mE8Ri"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">0.87%</td></tr> <tr id="xdx_418_20250101__20251231_zNFXHOOM4HA6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.77%</td></tr> </table> <img alt="PerformanceBarChartData(2022:-12.86,2023:4.65,2024:0.87,2025:6.77)" src="jnlst485bpos003.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.59%; Worst Quarter (ended 3/31/2022): -5.34% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zOwjEqa3Palk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225793Member_ztyG9q4P2KJ3" style="font-weight: bold; text-align: left; width: 50%">3</td></tr> <tr id="xdx_411_20220101__20221231_z1rOeYIPWPAc"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-12.54%</td></tr> <tr id="xdx_41F_20230101__20231231_zq5intTW74bg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.85%</td></tr> <tr id="xdx_416_20240101__20241231_zLy5pllhjoW7"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">1.18%</td></tr> <tr id="xdx_41E_20250101__20251231_zrW0KJjZYHoi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.13%</td></tr> </table> <img alt="PerformanceBarChartData(2022:-12.54,2023:4.85,2024:1.18,2025:7.13)" src="jnlst485bpos004.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.66%; Worst Quarter (ended 3/31/2022): -5.23% -0.1286 0.0465 0.0087 0.0677 Best Quarter 2023-12-31 0.0659 Worst Quarter 2022-03-31 -0.0534 -0.1254 0.0485 0.0118 0.0713 Best Quarter 2023-12-31 0.0666 Worst Quarter 2022-03-31 -0.0523 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zvzTqqGqoNM3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zEpdVGQXKG6j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zF3EKpWiE0I2"> </td> <td> </td> <td colspan="2" id="xdx_490_20210426__20251231_zAth1tK51ni9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (April 26, 2021)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225794Member_zNp4mZkMwX4g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/American Funds Bond Fund of America Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">6.77</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">-0.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zzEH1vJ7fBzc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zhO62C2oRFc2"> </td> <td> </td> <td colspan="2" id="xdx_49B_20210426__20251231_ziSerDnfTEl4" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225793Member_z9i6Tq0DJzh8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/American Funds Bond Fund of America Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.13</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">0.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zzQFoMDPQmo4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.0677 -0.0015 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0014 2021-04-26 0.0713 0.0015 0.0730 0.0014 JNL/American Funds Capital Income Builder Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks both to provide a level of current income that exceeds the average yield on U.S. stocks generally and to provide a growing stream of income over the years by investing through exclusive investment in the Class 1 shares of the American Funds Insurance Series® - Capital Income Builder Fund® (“Master Fund”), with a secondary objective to provide 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zoLKwCrarlh8"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zKlh6HTLx7M8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zyH1b530eCee" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000202635Member_zEP6RgpATS32" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zqB8On6EoKQb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.89%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zaODGPK7fn2d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zrnftC6S2wqb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zMMOb6balo8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.34%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zhYK8ZwyqMgk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.39%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zkdG9c3s51n1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000202636Member_ziqZV8Af5gV6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zzYCmww65yyb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.89%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zysUBLy8Icul" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zhK7HWO9oMY" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z9BpGNRT4jH8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.04%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z0vu6r1prbml" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.39%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_ztE43S9ft8n1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0089 0.0030 0.0015 0.0134 -0.0039 0.0095 Expense information has been restated to reflect current fees. 0.0089 0.0000 0.0015 0.0104 -0.0039 0.0065 Expense Example.(1) 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_znrWIWFbhhBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zuPXxAUTUAjg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Capital Income Builder Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zF8JdShzxYRf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zYlk1WfB6Kb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zp3apWjPlrw7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z8EeVCBTtSXd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000202635Member_zYpfFvWLTlub" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$386</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$697</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,579</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Capital Income Builder Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zXLrTtu0bYT3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zufasVGdcQlk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_za96NLA6529j" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z0U3kXr5RtHi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000202636Member_zeHTCoUIJ3ta" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$292</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$536</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,236</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 97 386 697 1579 66 292 536 1236 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_989_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000062459Member_zf5UhyKgOmMb" style="border-bottom: black 1pt solid; width: 16%; text-align: right">72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.72 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). The Master Fund invests primarily in a broad range of income-producing securities, including common stocks and bonds. In seeking to provide a level of current income that exceeds the average yield on U.S. stocks, the Master Fund generally looks to the average yield on stocks of companies listed on the S&P 500 Index. The Master Fund may also invest significantly in common stocks, bonds and other securities outside the United States. The Master Fund uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the Master Fund’s portfolio is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the Master Fund’s investment adviser believes that they no longer represent relatively attractive investment opportunities. The Master Fund normally will invest at least 90% of its assets in income-producing securities (with at least 50% of its assets in common stocks and other equity securities). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zl9SWpxP4Mu8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zODKy2U6gHNd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_ztZP1SxN8RU7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRatingsRiskMember_zyleI7jRz281"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z1iNXiWrdCTj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zpgaBtjiUeVh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zTZ8TuypHi9e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zcbhJCc2pCZe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zd0sx8bo5mi3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zZIJlzZ6T316"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zhsagdBpBHc5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ziap6Ib2lvBi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_z6DGgzxu8T7f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zS71ztDH6wT5"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zHFIGlQUbUEk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202635Member_zkP23LGS9Ljb" style="font-weight: bold; text-align: left; width: 50%">4</td></tr> <tr id="xdx_411_20190101__20191231_zvDvOFkYtP9b"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">17.43%</td></tr> <tr id="xdx_418_20200101__20201231_zGfP32M9XtG6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">3.98%</td></tr> <tr id="xdx_415_20210101__20211231_zsIRm9Ov3Pb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">14.53%</td></tr> <tr id="xdx_41F_20220101__20221231_zEvFrVjWhEE2" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-7.52%</td></tr> <tr id="xdx_41C_20230101__20231231_ziQZpTpdLIf2" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">8.55%</td></tr> <tr id="xdx_410_20240101__20241231_z2ARtTfdvQA4" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">9.77%</td></tr> <tr id="xdx_411_20250101__20251231_zJhfQgonahA5" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">19.86%</td></tr> </table> <img alt="PerformanceBarChartData(2019:17.43,2020:3.98,2021:14.53,2022:-7.52,2023:8.55,2024:9.77,2025:19.86)" src="jnlst485bpos005.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 11.14%; Worst Quarter (ended 3/31/2020): -14.93% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zjtFfndGG1ha" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202636Member_zHkgbAinO7C8" style="font-weight: bold; text-align: left; width: 50%">5</td></tr> <tr id="xdx_414_20190101__20191231_zFLZtTqV20Pf"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">17.82%</td></tr> <tr id="xdx_41C_20200101__20201231_zsvVw2D1QtL9" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.23%</td></tr> <tr id="xdx_41E_20210101__20211231_z5SCmBAs8Xzb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">14.94%</td></tr> <tr id="xdx_411_20220101__20221231_zUAL8Z67ut81" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-7.29%</td></tr> <tr id="xdx_416_20230101__20231231_zNWH0ArkKEUd" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">8.91%</td></tr> <tr id="xdx_412_20240101__20241231_zqqHjisu10q" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">10.04%</td></tr> <tr id="xdx_416_20250101__20251231_zHiNtbWz4aM" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">20.22%</td></tr> </table> <img alt="PerformanceBarChartData(2019:17.82,2020:4.23,2021:14.94,2022:-7.29,2023:8.91,2024:10.04,2025:20.22)" src="jnlst485bpos006.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 11.17%; Worst Quarter (ended 3/31/2020): -14.94% 0.1743 0.0398 0.1453 -0.0752 0.0855 0.0977 0.1986 Best Quarter 2022-12-31 0.1114 Worst Quarter 2020-03-31 -0.1493 0.1782 0.0423 0.1494 -0.0729 0.0891 0.1004 0.2022 Best Quarter 2022-12-31 0.1117 Worst Quarter 2020-03-31 -0.1494 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zuxrNTEnOjIl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zUKqx9yV3Ql" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zI00l8Erylrc"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zKFCh4sUmkj1"> </td> <td> </td> <td colspan="2" id="xdx_49D_20180813__20251231_zEvO91cSEB59" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202635Member_zfnjd0Symeoi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/American Funds Capital Income Builder Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">19.86</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">8.63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">7.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zv0aJNTgF1N" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.41</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SeventyPercentMorningstarGlobalTargetMarketExposureIndexNetThirtyPercentBloombergUSAggregateIndexMember_zzNd5pjZDKB5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">70% Morningstar Global Target Market Exposure Index (Net), 30% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.66</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.73</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.75</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zSBEKNS7A8da" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.03</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zuwDXARgNdI2"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zZxacO8TBes6"> </td> <td> </td> <td colspan="2" id="xdx_49D_20180813__20251231_z6mlFXCDtMv2" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202636Member_zzDxRRaum33i" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/American Funds Capital Income Builder Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">20.22</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">8.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zPc7Kc2AIzbk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.41</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SeventyPercentMorningstarGlobalTargetMarketExposureIndexNetThirtyPercentBloombergUSAggregateIndexMember_zf0JOTcGHjZ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">70% Morningstar Global Target Market Exposure Index (Net), 30% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.66</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.73</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.75</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zE9hnzi9xIeg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.03</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.1986 0.0863 0.0777 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1141 0.1766 0.0773 0.0875 0.0730 -0.0036 0.0203 2018-08-13 0.2022 0.0895 0.0810 0.2223 0.1120 0.1141 0.1766 0.0773 0.0875 0.0730 -0.0036 0.0203 JNL/American Funds Global Growth Fund Class A Class I Investment Objective. The investment objective of the Fund (“Feeder Fund”) is to seek long-term growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series® - Global Growth Fund (the “Master Fund”). 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. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zUslJclt7321"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zxzU21qIRuY9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zvUjsVG1kWuc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000218222Member_zuRbP43SG6v7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zP425lzzA2El" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.12%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfm6uu9cq634" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zy3ruX7V8Mue" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.14%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zMI4O7tJsx5k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.56%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zJCXrOCitz1d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zHHufn0NmrAj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.05%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000218223Member_zWjDzQqY6Nj3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z3CqrcBhXsH4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.12%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z60oibaK7uie" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z8xvA6PQiPCe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.14%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zhuH0nRx35w3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.26%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zqj229U3GeB7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zJXFMY6Cq2a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.75%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0112 0.0030 0.0014 0.0156 -0.0051 0.0105 Expense information has been restated to reflect current fees. 0.0112 0.0000 0.0014 0.0126 -0.0051 0.0075 Expense Example.(1) 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3KJNqFEx1se"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zbufLpAJIv7f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Global Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z8zGPYVGFug7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zwMV09YoBXzc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z9GOMg6ZT353" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zf7JFVmSMvZa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000218222Member_zhRGuEDuI8hg" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$443</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$802</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,813</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Global Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zprbEqSuqFZ9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zUPvQ4MCZa9i" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z6CNqrxYN82j" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zjFS1iL39jm8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000218223Member_z0KSsauG2qck" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$77</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$349</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$643</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,478</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 107 443 802 1813 77 349 643 1478 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068132Member_z7er7QyAzsk" style="border-bottom: black 1pt solid; width: 16%; text-align: right">45</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.45 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks of companies around the world that the Master Fund’s investment adviser believes have the potential for growth. As a fund that seeks to invest globally, the Master Fund will allocate its assets among securities of companies in various countries, including the United States and countries with emerging markets (but in no fewer than three countries). Under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States. That percentage will represent at least (a) 40% of the Master Fund’s net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies outside of the United States minus 5%, whichever is lower. Although the Master Fund focuses on investments in medium to larger capitalization companies, the Master Fund’s investments are not limited to a particular capitalization size. The Master Fund uses a system of multiple portfolio managers in managing the Master Fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Under normal market conditions, the Master Fund will invest a percentage of its net assets outside the United States. That percentage will represent at least (a) 40% of the Master Fund’s net assets, unless market conditions are not deemed favorable by the Master Fund, in which case 30%, or (b) the percentage of the MSCI All Country World Index represented by companies outside of the United States minus 5%, whichever is lower. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zh0V85C5zdg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_z1TCV82EsVSf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z311UL19IIK5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zsdQKLsliwFg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zzysEYVYQjie"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master Fund could decline if the financial condition of the companies the Master 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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zvKMl7V1Ks75"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zgCv5Pmzm4R9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zk2BG3YFYIM1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zu7Lo3AJKWF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zfPq7OHUrozl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z8NjAzbA2Y3a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zwkFthEOsPTi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zTZjWbElVZXj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. The performance data includes the performance of the JNL/American Funds Global Growth Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A80_eoef--BarChartTableTextBlock_zoN2qqREuMjh"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zRnOhiHAtzte" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218222Member_zqmMY3w6wIFb" style="font-weight: bold; text-align: left; width: 50%">8</td></tr> <tr id="xdx_41D_20160101__20161231_zp8dHC2si72b"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.34%</td></tr> <tr id="xdx_419_20170101__20171231_zct6IqJcf9T6"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">31.19%</td></tr> <tr id="xdx_41D_20180101__20181231_zQmJg0Tiy794"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.31%</td></tr> <tr id="xdx_411_20190101__20191231_z2pFMvHLOsR1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">34.96%</td></tr> <tr id="xdx_418_20200101__20201231_zC13DFWPB8ik" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">30.09%</td></tr> <tr id="xdx_415_20210101__20211231_zVUidWIB0Hyi" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">16.08%</td></tr> <tr id="xdx_41F_20220101__20221231_zl9DxKLnX1Gb" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-25.05%</td></tr> <tr id="xdx_41C_20230101__20231231_zRgrMKdE8ka3" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">22.13%</td></tr> <tr id="xdx_418_20240101__20241231_zmAXOQv4994l" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">13.23%</td></tr> <tr id="xdx_411_20250101__20251231_zSRvyETq1Cp6" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">21.20%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.34,2017:31.19,2018:-9.31,2019:34.96,2020:30.09,2021:16.08,2022:-25.05,2023:22.13,2024:13.23,2025:21.2)" src="jnlst485bpos007.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 24.25%; Worst Quarter (ended 6/30/2022): -16.74% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_zCOfYn9bsNMj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218223Member_z2ZMe8gelfT8" style="font-weight: bold; text-align: left; width: 50%">9</td></tr> <tr id="xdx_414_20180101__20181231_ziJI0DWbtA7i"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.03%</td></tr> <tr id="xdx_414_20190101__20191231_zukGDyCbDsLa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">35.39%</td></tr> <tr id="xdx_41C_20200101__20201231_z2Xvah7B5sBk" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">30.41%</td></tr> <tr id="xdx_41E_20210101__20211231_zJs8avKHXob9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">16.46%</td></tr> <tr id="xdx_411_20220101__20221231_z86a8AKBS4Y9" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-24.82%</td></tr> <tr id="xdx_416_20230101__20231231_zssT0NifjC1f" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">22.49%</td></tr> <tr id="xdx_412_20240101__20241231_z0jxk3FJpNkj" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">13.56%</td></tr> <tr id="xdx_413_20250101__20251231_zwj2mXQMHbNk" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">21.55%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-9.03,2019:35.39,2020:30.41,2021:16.46,2022:-24.82,2023:22.49,2024:13.56,2025:21.55)" src="jnlst485bpos008.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 24.29%; Worst Quarter (ended 6/30/2022): -16.66% 0.0034 0.3119 -0.0931 0.3496 0.3009 0.1608 -0.2505 0.2213 0.1323 0.2120 Best Quarter 2020-06-30 0.2425 Worst Quarter 2022-06-30 -0.1674 -0.0903 0.3539 0.3041 0.1646 -0.2482 0.2249 0.1356 0.2155 Best Quarter 2020-06-30 0.2429 Worst Quarter 2022-06-30 -0.1666 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_z1krNzS72gh7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zUivY7OmpIej" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zl9UH74mZ5Yf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zvGOfdfZFe2k" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zq10JxSkyYQg" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218222Member_z481vyFmYFE5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds Global Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">21.20</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zmuCBbcegY7h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z3ICFJZeDyz6"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zQAYpjB2RfC4"> </td> <td> </td> <td colspan="2" id="xdx_49D_20170925__20251231_zkSwDGQXlQy1" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218223Member_zry5jCkiQLrh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/American Funds Global Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">21.55</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">8.16</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">11.69</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zIdH5Qtv8v6i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2120 0.0784 0.1182 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 2017-09-25 0.2155 0.0816 0.1169 0.2223 0.1120 0.1115 JNL/American Funds Growth Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks growth of capital through exclusive investment in Class 1 shares of the American Funds Insurance Series® - Growth Fund (the “Master Fund”). 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. <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zAP9cpDZPN8"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zzjeSkiSRq18"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z8gUlk0g0Dn2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000218225Member_ztQwDjfmveda" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zhc5o6C62e2c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.90%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zdlSz3JVqZii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zd3HWbqmSsXg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zc6zQciuiVVi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.32%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zuwIPMVK2lZ8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.43%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_z2fIzIdUMfge" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.89%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000218224Member_z6WqR5cEbx6j" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zZhXdFY8p4N3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.90%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zCHZMh0t2nb8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zd39bjsSl2V1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zqypRiUZrEle" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.02%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z2X0KWWU4BRj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.43%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zhYTGCp1Obl8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.59%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0090 0.0030 0.0012 0.0132 -0.0043 0.0089 Expense information has been restated to reflect current fees. 0.0090 0.0000 0.0012 0.0102 -0.0043 0.0059 Expense Example.(1) 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: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrsOhHmCRoj4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zOJvV8ewyRLl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zNoqpIh1fZSg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zh4go8biLMkc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zXGApHWY8dx4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zxKDrIQ4dBv3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218225Member_zzpQK3AV9Zbj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$376</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$682</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,553</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zVXzFsk5WuBd" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zpv9SAr1tnLg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zzcAuvuqlsw8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zshrcr1AgP6l" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000218224Member_zQ66fRJRppL" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$282</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$521</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,209</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 91 376 682 1553 60 282 521 1209 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_981_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068133Member_zBsadZ1wKi6a" style="border-bottom: black 1pt solid; width: 16%; text-align: right">27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.27 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks and seeks to invest in companies that the Master Fund’s investment adviser believes offer superior opportunities for growth of capital. The Master Fund may invest up to 25% of its assets in common stocks and other securities (including convertible and nonconvertible preferred stocks, bonds, and other debt securities) outside the United States, including, to a more limited extent, in emerging markets. Although the Master Fund focuses on investments in medium to larger capitalization companies, the Master Fund’s investments are not limited to a particular capitalization size. The Master Fund uses a system of multiple portfolio managers in managing the Master Fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. The Master Fund may invest up to 25% of its assets in common stocks and other securities (including convertible and nonconvertible preferred stocks, bonds, and other debt securities) outside the United States, including, to a more limited extent, in emerging markets. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zU48vdvYFj5d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zwvs6Afnw8P4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zMhdlNG78fc5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master 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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zScu4pZGyNG9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master Fund could decline if the financial condition of the companies the Master 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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zfh4korVijuf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z3Up0cj6r0h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zs5hq7m81wP7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_ze0KECuBaA6d"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zvnnxwdCnMC1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zppZcrqRpBbe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zxLYnQnUB9nj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zGD6odyOuBHa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. The performance data includes the performance of the JNL/American Funds Growth Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A80_eoef--BarChartTableTextBlock_zINHx9gOpFw2"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zZ9s3ljm3NVg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218225Member_z1nPaAcLLp3" style="display: none; width: 50%; visibility: hidden">12</td></tr> <tr id="xdx_416_20160101__20161231_zN5ngCtUEp78" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">9.03</td></tr> <tr id="xdx_41E_20170101__20171231_zs0J49Pmndfc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">27.87</td></tr> <tr id="xdx_41D_20180101__20181231_zwyXml0wwDpa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-0.61</td></tr> <tr id="xdx_411_20190101__20191231_zRAB5HMlUOm8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">30.32</td></tr> <tr id="xdx_418_20200101__20201231_ztzlGzDR8Nac" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">51.60</td></tr> <tr id="xdx_415_20210101__20211231_zEqczojcnr2g" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">21.61</td></tr> <tr id="xdx_41F_20220101__20221231_z6MEHrOCEnGi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-30.15</td></tr> <tr id="xdx_41C_20230101__20231231_zrvGkfeF2x64" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">38.03</td></tr> <tr id="xdx_419_20240101__20241231_zg5BnNaPwG2f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">31.26</td></tr> <tr id="xdx_414_20250101__20251231_z8HitOjWRNzh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">19.87%</td></tr> </table> <img alt="PerformanceBarChartData(2016:9.03,2017:27.87,2018:-0.61,2019:30.32,2020:51.6,2021:21.61,2022:-30.15,2023:38.03,2024:31.26,2025:19.87)" src="jnlst485bpos009.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.54%; Worst Quarter (ended 6/30/2022): -23.11% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zbBwb22VUQah" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218224Member_zZnxthwn5mac" style="display: none; width: 50%; visibility: hidden">13</td></tr> <tr id="xdx_414_20180101__20181231_zZmGyyzMMBXk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-0.33</td></tr> <tr id="xdx_414_20190101__20191231_zpQ2NCvDZFSl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">30.75</td></tr> <tr id="xdx_41C_20200101__20201231_z7c7fvzEw6hj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">52.03</td></tr> <tr id="xdx_41E_20210101__20211231_z7LDzr7Awne7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">21.97</td></tr> <tr id="xdx_411_20220101__20221231_zDSvkU93JmLg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-29.95</td></tr> <tr id="xdx_416_20230101__20231231_zYBGHouKetPf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">38.46</td></tr> <tr id="xdx_412_20240101__20241231_zxPjVdCjixHb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">31.63</td></tr> <tr id="xdx_41B_20250101__20251231_z610qz95CUJ2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">20.23%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-0.33,2019:30.75,2020:52.03,2021:21.97,2022:-29.95,2023:38.46,2024:31.63,2025:20.23)" src="jnlst485bpos010.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.63%; Worst Quarter (ended 6/30/2022): -23.07% 0.0903 0.2787 -0.0061 0.3032 0.5160 0.2161 -0.3015 0.3803 0.3126 0.1987 Best Quarter 2020-06-30 0.2854 Worst Quarter 2022-06-30 -0.2311 -0.0033 0.3075 0.5203 0.2197 -0.2995 0.3846 0.3163 0.2023 Best Quarter 2020-06-30 0.2863 Worst Quarter 2022-06-30 -0.2307 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zhXWAJVwpiGh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zcFRxxIToB1j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zn7yfatEGIvd" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zGUfpVuABKBl" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zUYotdIF8Cc8" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218225Member_zGO6YNDDmkdc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">19.87</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.03</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zVMSZeqNvaMc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z5vTMlEgayu3"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zbjSwA0KtJu2"> </td> <td> </td> <td colspan="2" id="xdx_49F_20170925__20251231_zUAaBcdJDpL8" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218224Member_z2RjiS1WqBdg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/American Funds Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">20.23</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">13.36</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">18.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zUoQum7wYpue" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1987 0.1303 0.1758 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 2017-09-25 0.2023 0.1336 0.1815 0.1788 0.1442 0.1482 JNL/American Funds Growth-Income Fund Class A Class I Investment Objective. The JNL/American Funds Growth-Income Fund (“Fund” or “Feeder Fund”) seeks long-term growth of capital and income through exclusive investment in the shares of the American Funds Insurance Series® - Growth-Income Fund (“Master Fund”). 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zc2KtUbs5XSj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zpnrGF5IxFwl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zjWUCCage85c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000085351Member_zJhrTDlrXUNk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z9zw6RyUfDTe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.79%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFBXtcI8y14d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zwXG4fkogkMa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zyxo0ad36Pkg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.21%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zGfPGzQn8Q5f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zj3MUdq1K2lb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.91%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000085352Member_zZCMmFdcObqk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zUj3MfoELSff" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.79%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYlpgPzc4Pu9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zcfibw66Tsql" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zPDHNwPVhR7k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.91%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zoH4J2J1oFD" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zDHf3GXhAyR4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0079 0.0030 0.0012 0.0121 -0.0030 0.0091 0.0079 0.0000 0.0012 0.0091 -0.0030 0.0061 Expense Example.(1) 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaXYL5F6pE1h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zwZ3HUN3mSXk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth-Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zWQKmrSauZpa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z3AmwNiunUw" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zMKnkeBxxtl8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zWjBIcEt0NL1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000085351Member_zvIjYEoLqMqa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$93</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$354</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$636</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,439</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth-Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zfp0XcpOCAjc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zMm7OEXO50gg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTV4SIiraK17" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zgZHFG8XoNml" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000085352Member_z7N85zT7zFQl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$260</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$475</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,092</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 93 354 636 1439 62 260 475 1092 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_989_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000028041Member_zTUBDc6onwy1" style="border-bottom: black 1pt solid; width: 16%; text-align: right">27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.27 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks or other securities that the investment adviser to the Master Fund believes demonstrate the potential for appreciation and/or dividends. Although the Master Fund focuses on investments in medium to larger capitalization companies, the Master Fund’s investments are not limited to a particular capitalization size. The Master Fund may invest up to 15% of its assets outside the United States, including those located in emerging market countries. The Master Fund uses a system of multiple portfolio managers in managing the Master Fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. The Master Fund may invest up to 15% of its assets outside the United States, including those located in emerging market countries. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zPqQ497FATG9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesRiskMember_zA6atNqNMRwl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8F_eoef--BarChartTableTextBlock_ztRXEwLdnyY5"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zbVHMblx5EYk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085351Member_zNft3MoMMMo9" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_zW2VdUnZ4EBg"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.08%</td></tr> <tr id="xdx_41B_20170101__20171231_zrUZ6KSd7wDa"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">21.88%</td></tr> <tr id="xdx_415_20180101__20181231_zsCLAEhOH9j9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.16%</td></tr> <tr id="xdx_41A_20190101__20191231_zxubdkb8eD8e"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.66%</td></tr> <tr id="xdx_415_20200101__20201231_zPXIwEBLMf14" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.10%</td></tr> <tr id="xdx_41F_20210101__20211231_zLJ5AY3LP5ld" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">23.65%</td></tr> <tr id="xdx_41A_20220101__20221231_zkskVWYSjZqd"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-16.82%</td></tr> <tr id="xdx_413_20230101__20231231_zPefEvY4dMb3"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">25.67%</td></tr> <tr id="xdx_411_20240101__20241231_zXqjfiDvTnfl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">23.75%</td></tr> <tr id="xdx_41B_20250101__20251231_znrkgi9sMrDl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.64%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.08,2017:21.88,2018:-2.16,2019:25.66,2020:13.1,2021:23.65,2022:-16.82,2023:25.67,2024:23.75,2025:17.64)" src="jnlst485bpos011.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.91%; Worst Quarter (ended 3/31/2020): -19.87% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAhk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085352Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41B_20160101__20161231_ziJyRosOXtrk"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.25%</td></tr> <tr id="xdx_41E_20170101__20171231_zZBQdlDETHQ8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">22.19%</td></tr> <tr id="xdx_41A_20180101__20181231_zLSrJ1xxgyP2"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.87%</td></tr> <tr id="xdx_41C_20190101__20191231_zyX3aKbIPp8a"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.03%</td></tr> <tr id="xdx_41A_20200101__20201231_z56nMJ1r5hy9" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.46%</td></tr> <tr id="xdx_41B_20210101__20211231_zRICw0pXOOUe" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.01%</td></tr> <tr id="xdx_417_20220101__20221231_zKzmmz0pX9Qj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-16.57%</td></tr> <tr id="xdx_419_20230101__20231231_z3HsFQqu2mGc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">26.03%</td></tr> <tr id="xdx_41B_20240101__20241231_z28X4PIMJY32"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">24.15%</td></tr> <tr id="xdx_413_20250101__20251231_zIUvEIxylrR8"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.99%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.25,2017:22.19,2018:-1.87,2019:26.03,2020:13.46,2021:24.01,2022:-16.57,2023:26.03,2024:24.15,2025:17.99)" src="jnlst485bpos012.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.96%; Worst Quarter (ended 3/31/2020): -19.79% 0.1108 0.2188 -0.0216 0.2566 0.1310 0.2365 -0.1682 0.2567 0.2375 0.1764 Best Quarter 2020-06-30 0.1991 Worst Quarter 2020-03-31 -0.1987 0.1125 0.2219 -0.0187 0.2603 0.1346 0.2401 -0.1657 0.2603 0.2415 0.1799 Best Quarter 2020-06-30 0.1996 Worst Quarter 2020-03-31 -0.1979 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zzFYrRzfo1L6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zWT20z9v0ca8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z6LjdPFEAJJ4" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_ziBBXr8gCHG6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zbfAduV8ba13" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085351Member_zx0DdcrJbEjb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/American Funds Growth-Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.64</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.48</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.48</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zO6sVCGbQQXb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zYgFGbf3Ac5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zoQzMhR0DYQ6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_znabtAi6pLS5" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085352Member_zkvtrLIfbVTj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/American Funds Growth-Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.99</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zk84Xv5MXjX9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1764 0.1348 0.1348 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1799 0.1382 0.1380 0.1788 0.1442 0.1482 JNL/American Funds International Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks long-term growth of capital through exclusive investment in the shares of the American Funds Insurance Series® - EUPAC Fund™ (“Master Fund”). 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zyYLRw18b0i6"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zy4MvDGe4AD7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z5OSLx0PKcQj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000085354Member_zJcstQ6W5gN7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_znGWAD3ZRQU6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.22%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zigsncZ8vG7d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zfBH5qwPI7K2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zJAg0FZXSvga" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.67%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zUKtqjDqx64i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_z4UU1svSkdmf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.11%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000085353Member_zd6aNOXjaCqf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zVEc9qlxtB3d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.22%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztT0g4EDUwgd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zXBjtL8HASYa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zUWiOh27R7e3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.37%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zOSgSgfp4Qsi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zxaPsHaZ58M3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.81%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0122 0.0030 0.0015 0.0167 -0.0056 0.0111 Expense information has been restated to reflect current fees. 0.0122 0.0000 0.0015 0.0137 -0.0056 0.0081 Expense Example. (1) 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0RI4q6CnwL9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zV31nQEuwXt7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds International Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zD4GkkmjJ9H6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zMIVIpNcgCMi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zWKrjE9lpVwi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zAuxkkIgG6Cc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000085354Member_z8nYICM4iRr8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$113</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$472</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$855</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,929</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds International Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zc6gcfsEjZHg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zB8yUTpj0Ssa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zwRdaO3TVXTa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zpKgNwK8WGdh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000085353Member_zPHLMNKlOHyb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$379</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$696</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,598</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 113 472 855 1929 83 379 696 1598 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_982_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000028042Member_zlcwCzlijC56" style="border-bottom: black 1pt solid; width: 16%; text-align: right">63</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.63 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund seeks to make your investment grow over time by investing primarily in common stocks in Europe and the Pacific Basin that the investment adviser of the Master Fund believes have the potential for growth. Growth stocks are stocks that the investment adviser of the Master Fund believes have the potential for above-average capital appreciation. Normally the Master Fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. A country will be considered part of Europe if it is part of the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. In determining the domicile of an issuer, the Master Fund’s investment adviser will generally look to the determination of MSCI Inc. (MSCI) for equity securities and Bloomberg for debt securities. In certain limited circumstances (including where relevant data is unavailable or the nature of a holding warrants special considerations), the Master Fund’s investment adviser may also take into account additional factors, as applicable, including where the issuer’s securities are listed; where the issuer is legally organized, maintains principal corporate offices, conducts its principal operations, generates revenues and/or has credit risk exposure; and the source of guarantees, if any, of such securities. The Master Fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets. Prior to May 1, 2026, the Master Fund was called American Funds Insurance Series® - International Fund℠. The Master Fund uses a system of multiple portfolio managers in managing the Master Fund’s assets. Under this approach, the portfolio of the Master Fund is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Normally the Master Fund will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. A country will be considered part of Europe if it is part of the MSCI European indexes, and part of the Pacific Basin if any of its borders touches the Pacific Ocean. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_z0TfzoBXe9ql"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zjYUX9CiU2j1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investment strategy risk – The investment manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective. Investment decisions made by the investment manager in accordance with these investment strategies may not produce the returns the investment manager 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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zZyncSaS37I5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A87_eoef--BarChartTableTextBlock_zb4lUqXjieZ4"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MkSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085354Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20160101__20161231_zUqehsgKj9Rl"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">3.10%</td></tr> <tr id="xdx_412_20170101__20171231_zvwtPOndQQa"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">31.63%</td></tr> <tr id="xdx_412_20180101__20181231_zKkPRLxlRPFc"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.53%</td></tr> <tr id="xdx_41F_20190101__20191231_zphhp6FKXwge"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">22.45%</td></tr> <tr id="xdx_416_20200101__20201231_zuY0eboQK7zg" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.56%</td></tr> <tr id="xdx_41B_20210101__20211231_zkQlk4xZDWKj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.82%</td></tr> <tr id="xdx_418_20220101__20221231_zQdU2vepfh78"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-21.08%</td></tr> <tr id="xdx_41F_20230101__20231231_z7xO3jgjKYv9"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.33%</td></tr> <tr id="xdx_414_20240101__20241231_znBI7frTHox9"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.74%</td></tr> <tr id="xdx_41E_20250101__20251231_zAaUHbDIx9Ld"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">26.25%</td></tr> </table> <img alt="PerformanceBarChartData(2016:3.1,2017:31.63,2018:-13.53,2019:22.45,2020:13.56,2021:-1.82,2022:-21.08,2023:15.33,2024:2.74,2025:26.25)" src="jnlst485bpos013.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 21.56%; Worst Quarter (ended 3/31/2020): -24.66% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAkj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085353Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41B_20160101__20161231_z6z4XQjrztW3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">3.34%</td></tr> <tr id="xdx_41A_20170101__20171231_zyPbOoQU4FLi"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">31.94%</td></tr> <tr id="xdx_417_20180101__20181231_zBte1cZJTske"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.22%</td></tr> <tr id="xdx_414_20190101__20191231_zYrltXZi52N2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">22.81%</td></tr> <tr id="xdx_41B_20200101__20201231_zuiv90ruYQG4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.93%</td></tr> <tr id="xdx_410_20210101__20211231_zvYULwJkc5Ha" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.56%</td></tr> <tr id="xdx_41B_20220101__20221231_z71230Stzkaf"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-20.87%</td></tr> <tr id="xdx_417_20230101__20231231_zOn1xQHvQbia"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.77%</td></tr> <tr id="xdx_411_20240101__20241231_zY59hRnPwRk6"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">3.03%</td></tr> <tr id="xdx_413_20250101__20251231_z0q0o0cI9sQ6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">26.62%</td></tr> </table> <img alt="PerformanceBarChartData(2016:3.34,2017:31.94,2018:-13.22,2019:22.81,2020:13.93,2021:-1.56,2022:-20.87,2023:15.77,2024:3.03,2025:26.62)" src="jnlst485bpos014.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 21.67%; Worst Quarter (ended 3/31/2020): -24.62% 0.0310 0.3163 -0.1353 0.2245 0.1356 -0.0182 -0.2108 0.1533 0.0274 0.2625 Best Quarter 2020-12-31 0.2156 Worst Quarter 2020-03-31 -0.2466 0.0334 0.3194 -0.1322 0.2281 0.1393 -0.0156 -0.2087 0.1577 0.0303 0.2662 Best Quarter 2020-12-31 0.2167 Worst Quarter 2020-03-31 -0.2462 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zErQm4v4JvBi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zdWcfggcQPHi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zwhDYbaTjV38" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zDYuRsz2eIuf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zTGLzdXzb5ld" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085354Member_zREgCUpj3OQg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds International Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">26.25</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zRvIMZ2CSyu3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zGl30aF3EeC3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zEu4su2jJeC6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_ze5BUX9oHS2k" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085353Member_znhKT4aOSrc6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds International Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">26.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.30</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_z0ZAmSVpoqHd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2625 0.0300 0.0658 (reflects no deduction for fees, expenses, or taxes) 0.3187 0.0805 0.0854 0.2662 0.0330 0.0689 0.3187 0.0805 0.0854 JNL/American Funds New World Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks long-term capital appreciation through exclusive investment in the shares of the American Funds Insurance Series® - New World Fund® (“Master Fund”). 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zNZUzg9Zabb6"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z5bVeC3GQ0Hk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zldjygNPvPfg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000085355Member_zsI79t32Cf58" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zZStXg8ha0Ui" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlUJzDZSbZfc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zm7V9Flx8cF7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zqcgDVfjASel" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.99%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z2ehx1oPw9Nl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.73%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zbUWTCwEJuob" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000085356Member_zswKH5XpLoo6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zk9QMTSTbdP" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUhKatoH6JKk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zjghmJDeuDKk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zgGoP7il3ty5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.69%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z041PIE1O9i1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.73%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zec0QMAvPMPf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.96%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0152 0.0030 0.0017 0.0199 -0.0073 0.0126 Expense information has been restated to reflect current fees. 0.0152 0.0000 0.0017 0.0169 -0.0073 0.0096 Expense Example.(1) 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwi3bRdnwGlj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z566EMe10xCf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds New World Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zjx4Uad9cxH4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zCakeVlKR6S8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zaRhwFTefCV8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zMixPbXX5sb3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000085355Member_zEYe5O5TuMsb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$128</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$554</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,005</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$2,258</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds New World Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zkDgl2n4N7Gl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zZPIXeTx5Q2j" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z1q44wFLhCY9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zanAJdPPyuYe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000085356Member_zKfHjijfMGi1" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$98</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$461</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$849</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,937</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 128 554 1005 2258 98 461 849 1937 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98A_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000028043Member_zO9LrAmaZuX8" style="border-bottom: black 1pt solid; width: 16%; text-align: right">49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.49 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks of companies with significant exposure to developing countries. The securities markets of these countries may be referred to as emerging markets or frontier markets. For purposes of this investment strategy, the Master Fund may invest in equity securities of any company, regardless of where it is domiciled (including developed countries), if the Master Fund’s investment adviser determines that a significant portion of the company’s assets or revenues (generally 20% or more) is attributable to developing countries. Under normal market conditions, the Master Fund will invest at least 35% of its assets in equity and debt securities of issuers domiciled in qualified developing countries. The securities markets of these countries may be referred to as emerging markets or frontier markets. For purposes of this investment strategy, a qualified developing country will generally resemble the United States and European Union countries more closely relative to non-qualified developing countries. In determining whether a country is a developed country or a developing country, the Master Fund’s investment adviser will consider such factors as the country’s per capita gross domestic product; the percentage of the country’s economy that is industrialized; market capital as a percentage of gross domestic product; the overall regulatory environment; the presence of government regulation limiting or banning foreign ownership; and restrictions on repatriation of initial capital, dividends, interest and/or capital gains and may also consider whether the country is designated as a developed market by MSCI Inc. When assessed along these criteria, a developed country will generally resemble the United States and European Union countries more closely relative to developing countries. The investment adviser to the Master Fund maintains a list of qualified developing countries and securities in which the Master Fund may invest. Please refer to the statutory prospectus for a list of qualified developing countries. The Master Fund may also invest in debt securities of issuers, including issuers of lower-rated bonds (rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the Master Fund’s investment adviser or unrated but determined to be of equivalent quality by the Master Fund’s investment adviser), with exposure to these countries. Bonds rated Ba1 or BB+ or below are sometimes referred to as “junk bonds.” In addition, the Master Fund may invest in nonconvertible debt securities of issuers, including issuers of lower rated bonds and government bonds, that are primarily based in qualified countries or that have a significant portion of their assets or revenues attributable to developing countries. The Master Fund uses a system of multiple portfolio managers in managing the fund’s assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers. The Master Fund relies on the professional judgment of its investment adviser to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund’s investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities. Under normal market conditions, the Master Fund will invest at least 35% of its assets in equity and debt securities of issuers domiciled in qualified developing countries. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_z6l2kOuDbUWi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_z9rwprkA0UR3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_z7NkJDeNiREl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investment strategy risk – The investment manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund’s investment objective. Investment decisions made by the investment manager in accordance with these investment strategies may not produce the returns the investment manager 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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zfz11dwGkGqh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zzrG2VkZs107"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MrSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085355Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20160101__20161231_zDvGtVNDVDoa"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">4.92%</td></tr> <tr id="xdx_414_20170101__20171231_zLiqOyuAG1Od"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">28.89%</td></tr> <tr id="xdx_41F_20180101__20181231_zYvGEeyFB9Yd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.41%</td></tr> <tr id="xdx_416_20190101__20191231_zSNDQbrAX9Ng"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">28.69%</td></tr> <tr id="xdx_41E_20200101__20201231_zLVnOWhBoVN1" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">23.06%</td></tr> <tr id="xdx_416_20210101__20211231_zgakHFT5Rlwg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">4.46%</td></tr> <tr id="xdx_413_20220101__20221231_zgGBmWYckLp6"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-22.42%</td></tr> <tr id="xdx_410_20230101__20231231_z7wy3erpzVE9"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.46%</td></tr> <tr id="xdx_41F_20240101__20241231_zza8bDujeQ5d"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.09%</td></tr> <tr id="xdx_415_20250101__20251231_zW8g68OqwjMb"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">27.74%</td></tr> </table> <img alt="PerformanceBarChartData(2016:4.92,2017:28.89,2018:-14.41,2019:28.69,2020:23.06,2021:4.46,2022:-22.42,2023:15.46,2024:6.09,2025:27.74)" src="jnlst485bpos015.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 24.50%; Worst Quarter (ended 3/31/2020): -23.19% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dX_z9eD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085356Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20160101__20161231_zmpdKPtfmUL7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.09%</td></tr> <tr id="xdx_414_20170101__20171231_zaYXGPKKicSb"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">29.23%</td></tr> <tr id="xdx_41F_20180101__20181231_zVCaIrIwHDR9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.10%</td></tr> <tr id="xdx_41D_20190101__20191231_zajCvE6hpk9f"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">29.00%</td></tr> <tr id="xdx_411_20200101__20201231_zcShI5eZqQCb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">23.44%</td></tr> <tr id="xdx_41E_20210101__20211231_z32yA3QKIxz3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">4.78%</td></tr> <tr id="xdx_414_20220101__20221231_zDqEbSzpPJxh"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-22.20%</td></tr> <tr id="xdx_418_20230101__20231231_z6VLfRQ4Qz3k"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.80%</td></tr> <tr id="xdx_413_20240101__20241231_zabEdbnydsSb"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.47%</td></tr> <tr id="xdx_414_20250101__20251231_zrXliKeEM2Z7"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">28.12%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.09,2017:29.23,2018:-14.1,2019:29,2020:23.44,2021:4.78,2022:-22.2,2023:15.8,2024:6.47,2025:28.12)" src="jnlst485bpos016.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 24.62%; Worst Quarter (ended 3/31/2020): -23.17% 0.0492 0.2889 -0.1441 0.2869 0.2306 0.0446 -0.2242 0.1546 0.0609 0.2774 Best Quarter 2020-06-30 0.2450 Worst Quarter 2020-03-31 -0.2319 0.0509 0.2923 -0.1410 0.2900 0.2344 0.0478 -0.2220 0.1580 0.0647 0.2812 Best Quarter 2020-06-30 0.2462 Worst Quarter 2020-03-31 -0.2317 <div id="xdx_A89_eoef--PerformanceTableTextBlock_z2cejJG8hOya"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zABwDH5dcFJ6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zbc5yGCkuJ9d" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zHbgv1vdQrH3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zyq7bOGpNp42" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085355Member_zQpMcVXqsrWd" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds New World Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">27.74</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.86</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zwYE1Zuvsmvj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zXWNnX7GIAmi" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zggk80x3bjvf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z0DZxZ4x5xC7" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085356Member_zzIbqkm5a7A5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds New World Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">28.12</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.11</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z5VIZuTl0abi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2774 0.0486 0.0880 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.2812 0.0519 0.0911 0.2223 0.1120 0.1170 JNL/American Funds Washington Mutual Investors Fund Class A Class I Investment Objective. The Fund (“Feeder Fund”) seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing through exclusive investment in the shares of the American Funds Insurance Series® - Washington Mutual Investors Fund (“Master Fund”). 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. <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zJ6JzCledwk"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zQokbUL3UhUb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z4aAU6NvfgRb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000085345Member_zIqFKpY2YM31" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zCKjnY3o5cs1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.93%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0tIrgNJyOCl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zpyIuBbFyOP8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zGLNxQL7dKc8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.36%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zxcjJBoF21pa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.45%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zfsst8jd3Wng" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.91%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000085346Member_zqb0f9zOVjK6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zdecT2RnkFX9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.93%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgH4rIpqdckg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zfpwTwQcDtOi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.13%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zYfxTCZsO3si" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.06%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z19yM6Xlqch1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.45%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zzJdjF7AqWn7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0093 0.0030 0.0013 0.0136 -0.0045 0.0091 Expense information has been restated to reflect current fees. 0.0093 0.0000 0.0013 0.0106 -0.0045 0.0061 Expense Example.(1) 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zueLw9LlTVZf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zXUhpGUWLxG9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds® Washington Mutual Investors Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_za6pt33ZjdA2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z9ARkVB0hrgf" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z4Kl5J7zpCHd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_ztrqXXmxxGx6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000085345Member_zgyVnb62wtK2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$93</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$386</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$702</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,596</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds® Washington Mutual Investors Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zuQHNwSvg3ze" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zSSW4Opp2Nu7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zGGlt62bm93f" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zSgUZvEboVae" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000085346Member_zpICLMNxPnEi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$292</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$541</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,253</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 93 386 702 1596 62 292 541 1253 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98E_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000028038Member_zFYKqrSuIlml" style="border-bottom: black 1pt solid; width: 16%; text-align: right">37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.37 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class 1 shares of the Master Fund. The Master Fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. The Master Fund strives to accomplish its objective through fundamental research, careful selection and broad diversification. In the selection of common stocks and other securities for investment, current and potential income as well as the potential for long-term capital appreciation are considered. The Master Fund seeks to provide an above-average yield in its quarterly income distribution in relation to the S&P 500 Index (a broad, unmanaged index). The Master Fund strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks. The Master Fund has an “Eligible List” of securities considered appropriate for a prudent investor seeking opportunities for income and growth of principal consistent with common stock investing. The Master Fund’s investment adviser generates and maintains the Eligible List and selects the Master Fund’s investments exclusively from the securities on the Eligible List. The Feeder Fund relies on the professional judgment of its Master Fund to make decisions about the Master Fund’s portfolio investments. The basic investment philosophy of the Master Fund is to seek to invest in attractively valued securities that, in its opinion, represent good, long-term investment opportunities. The Master Fund believes that an important way to accomplish this is through fundamental analysis, which may include meeting with company executives and employees, suppliers, customers, and competitors. Securities may be sold when the Master Fund believes that they no longer represent relatively attractive investment opportunities. The Master Fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zBjtSLie8ME1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Accounting risk – The Master 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 Master Fund’s investment manager to identify appropriate investment opportunities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z69IQdV4nUR2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A83_eoef--BarChartTableTextBlock_z4es2GCXEs3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zexZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085345Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_zwJhIvDnwcP9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">18.34%</td></tr> <tr id="xdx_41B_20170101__20171231_zEKXAWFGK3ge"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">16.61%</td></tr> <tr id="xdx_412_20180101__20181231_zUOahYMY0LS"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.00%</td></tr> <tr id="xdx_416_20190101__20191231_zL4h4WTuKrC3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">20.96%</td></tr> <tr id="xdx_416_20200101__20201231_z1awH0MHSFig" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.42%</td></tr> <tr id="xdx_415_20210101__20211231_z80PozVrmS31" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.31%</td></tr> <tr id="xdx_41F_20220101__20221231_zbJNoTKaqGgc"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.90%</td></tr> <tr id="xdx_41D_20230101__20231231_zQezz9qK40ch"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">16.88%</td></tr> <tr id="xdx_414_20240101__20241231_zOWmeW0ji2dk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.64%</td></tr> <tr id="xdx_414_20250101__20251231_z7gxiU4RyA99"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.75%</td></tr> </table> <img alt="PerformanceBarChartData(2016:18.34,2017:16.61,2018:-9,2019:20.96,2020:8.42,2021:27.31,2022:-8.9,2023:16.88,2024:18.64,2025:16.75)" src="jnlst485bpos017.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.54%; Worst Quarter (ended 3/31/2020): -23.49% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5xPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000085346Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_411_20160101__20161231_za3SLRoUkTA8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">18.60%</td></tr> <tr id="xdx_412_20170101__20171231_zNdbAciLwUfj"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">16.88%</td></tr> <tr id="xdx_41E_20180101__20181231_zoey3qIgDUPg"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.72%</td></tr> <tr id="xdx_412_20190101__20191231_zp9q4orttU35"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.36%</td></tr> <tr id="xdx_416_20200101__20201231_zPy4ENkEnFAl" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.72%</td></tr> <tr id="xdx_41E_20210101__20211231_zfCRWTzEqqY3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.70%</td></tr> <tr id="xdx_41A_20220101__20221231_zDAoxX2qjl2f"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.64%</td></tr> <tr id="xdx_418_20230101__20231231_zc3u7B9y9al3"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.25%</td></tr> <tr id="xdx_41E_20240101__20241231_zAdYE97sMjdj"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.97%</td></tr> <tr id="xdx_41C_20250101__20251231_zpfZqPSwamig"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.09%</td></tr> </table> <img alt="PerformanceBarChartData(2016:18.6,2017:16.88,2018:-8.72,2019:21.36,2020:8.72,2021:27.7,2022:-8.64,2023:17.25,2024:18.97,2025:17.09)" src="jnlst485bpos018.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.67%; Worst Quarter (ended 3/31/2020): -23.46% 0.1834 0.1661 -0.0900 0.2096 0.0842 0.2731 -0.0890 0.1688 0.1864 0.1675 Best Quarter 2020-06-30 0.1954 Worst Quarter 2020-03-31 -0.2349 0.1860 0.1688 -0.0872 0.2136 0.0872 0.2770 -0.0864 0.1725 0.1897 0.1709 Best Quarter 2020-06-30 0.1967 Worst Quarter 2020-03-31 -0.2346 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zvsmTAVFGdQ5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zs1FphXRwPeb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zfjSv9jk0rLl" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zeZJpsgfPbH6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zJrNwjylgzYf" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085345Member_zG4PXklIp3Z8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds® Washington Mutual Investors Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.75</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.43</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zDCGrUOeowz3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zda0FMYoebV4" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zNqWF4aRj0Ub" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zJO5skySUokh" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085346Member_zAZdhxHeHl84" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/American Funds® Washington Mutual Investors Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.09</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.77</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zLYPhQWjJRAg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1675 0.1343 0.1195 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1709 0.1377 0.1227 0.1788 0.1442 0.1482 JNL Multi-Manager Alternative Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zx85FEEQBjp1"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zkHb7Vwfsjre"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zVasLAJaK6de" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000153487Member_zS3fAV1rLJ6e" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z0p3vWV8MQOi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.19%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFC5LVnAxs67" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zAatuqcrUSZ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1,2,3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.77%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zGU4PmlfBefh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zRydzQFUzS84" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">2.38%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z6q7OLWNCxhl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement5</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.08%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zOV4BxZ3fWHh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">2.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.20% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund’s short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.39%. The Fund’s actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund’s short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.17%. The Fund’s actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">4</td> <td style="vertical-align: bottom; width: 98%">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.</td></tr> <tr> <td style="vertical-align: top">5</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border: black 1pt solid; padding-right: 5.4pt; vertical-align: bottom; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 51%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000192217Member_zgxl1b1ykg5a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; width: 49%; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zIQoqGoJyKW4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.19%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_ziwljRthfJ38" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zh3ZEAEzX0Di" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1,2,3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.77%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zTvJewd4e9j7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zyGZHcuANj15" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">2.08%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zQ5lWgXgvkae" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement5</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.08%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zgD9RlBEvAp8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">2.00%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.20% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund’s short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.39%. The Fund’s actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund’s short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.17%. The Fund’s actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">5</td> <td style="vertical-align: bottom"> JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P.</td></tr> </table> 0.0119 0.0030 0.0077 0.0012 0.0238 -0.0008 0.0230 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. 0.0119 0.0000 0.0077 0.0012 0.0208 -0.0008 0.0200 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrcDx3oO4D9h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zWX9NHtbw4cl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Alternative Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zR7LSLKDOzCe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zvaFyJD7zZ5" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zUlq7RfQwEma" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zxt8ExtfbxZf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000153487Member_zDFyK46uTZk7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$233</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$735</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,263</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$2,710</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Alternative Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zYOaVp4QcFfi" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zp5h8WfDhn7l" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zIv8yuJE9xW6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zIok4NJaEyMd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192217Member_zzCAfPTKRfLg" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$203</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$644</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,111</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$2,404</td></tr> </table> 233 735 1263 2710 203 644 1111 2404 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98D_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000048717Member_zyWSwFnOfw91" style="border-bottom: black 1pt solid; width: 16%; text-align: right">165</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.65 Principal Investment Strategies. The Fund seeks to achieve its investment objective by allocating among a variety of alternative strategies managed by seven unaffiliated investment managers (“Sub-Advisers”) sometimes referred to as “sleeves.” Each of the Sub-Advisers generally provides day-to-day management for a portion of the Fund’s assets. The Fund may invest in securities and other financial instruments of companies of any market capitalization. The Fund may invest in securities and other financial instruments available in and which have exposure to both U.S. and non-U.S. markets, including emerging markets, which can be U.S. dollar-denominated or non-U.S. dollar-denominated and may be currency hedged or un-hedged. The Fund may invest in corporate loans. The Fund may invest in derivatives transactions such as options, futures contracts or swap agreements, including credit default swaps. The Fund’s derivative exposure will vary from time to time depending upon market conditions, inflows and outflows of investments in the Fund and other factors considered by the Sub-Advisers from time to time. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund (all sleeves collectively) may invest up to 15% of its net assets in illiquid investments that are assets. The Fund considers investments in private equity securities and hedge funds as illiquid investments. The Adviser may allocate up to 10% of the Fund’s total assets in other investment companies, which will primarily be in private funds or other pooled investment vehicles that would qualify as “investment companies” under the 1940 Act but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act (“Private Funds”). 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. The Adviser is responsible for identifying and retaining the Sub-Advisers for the selected strategies and for monitoring the services provided by the Sub-Advisers. The Adviser provides qualitative and quantitative supervision as part of its process for selecting and monitoring the Sub-Advisers. The Adviser is also responsible for selecting the Fund’s alternative investment strategies and for determining the amount of Fund assets to allocate to each Sub-Adviser. 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 Sub-Adviser’s strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy’s objective. Equity Long/Short Strategies First Pacific Advisors, LP (“FPA”) pursues a contrarian value strategy that seeks to identify absolute value opportunities across the capital structure, and in a variety of market capitalizations, geographies and sectors with the long-term objective of achieving equity-like rates of return with less risk than the market and avoid permanent impairment of capital. Being contrarian in nature means the management team focuses on out-of-favor companies, does not pay close attention to benchmark weightings and is willing to hold meaningful amounts of cash for prolonged periods if opportunities for investment do not present themselves. FPA seeks “value” in companies whose securities are trading at a substantial discount to FPA’s estimate of their intrinsic value. Investments may include, but are not limited to, common and preferred stock, convertible securities, contingent convertible securities, rights and warrants, corporate and high yield bonds (commonly referred to as “junk bonds”), as well as government debt. In addition, FPA may sell securities short. Boston Partners Global Investors, Inc. (“Boston Partners”) provides sub-investment advisory services for the portion of the Fund’s assets allocated to Boston Partners in connection with certain securities that were issued by or that provide exposure to Russian companies. As of the date of this prospectus, it is contemplated that the duration of Boston Partners’ involvement in managing these investments will be for however long it takes the Fund to exit such investments. Loomis, Sayles & Company, L.P. (“Loomis Sayles”) invests in equity securities of companies of any market capitalization. While the majority of investments will be long, there may be opportunities where the strategy holds short investments. Under normal market conditions, the strategy will maintain long and short investments in equity securities. As a substitute for short investments, the strategy may utilize market hedging strategies consisting of short exposures to indices, sectors or other securities or assets. Kayne Anderson Rudnick Investment Management, LLC (“KAR”) invests in equity securities and equity-related instruments, in long and short positions of primarily U.S.-listed equity securities of any capitalization. The long investment strategy aims to purchase the stock of issuers deemed by KAR as high-quality companies at attractive valuations. KAR defines “high-quality” companies to include a durable competitive advantage, strong management team, and reasonable capital structure. The short investment strategy aims to sell short the stock of low-quality companies whose share price KAR expects to drop because it does not accurately reflect the poor fundamentals of the business. KAR defines “low-quality” companies to include an erratic or mediocre financial performance, poor history of capital allocation, a flawed business model and/or an aggressive capital structure. Event Driven and Merger Arbitrage Strategy Westchester Capital Management, LLC (“Westchester”) employs a merger arbitrage strategy (“Merger Arbitrage Strategy”) that invests in the common stock, preferred stock, corporate debt, derivatives, total return swaps and/or contracts for difference and, occasionally, warrants of companies which are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The Fund may also invest in special purpose acquisition companies, a form of investment vehicle typically formed for the purpose of acquiring an operating business. Although a variety of strategies may be employed depending upon the nature of the reorganizations selected for investment, the simplest form of merger-arbitrage activity involves purchasing the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. Relative Value Strategies DoubleLine Capital LP (“DoubleLine”) employs an opportunistic income strategy by allocating investments to fixed-income instruments and other investments with no limit on the duration of the strategy. DoubleLine may invest in, without limitation, asset-backed securities; domestic and foreign corporate bonds, including high-yield bonds; municipal bonds; bonds or other obligations issued by domestic or foreign governments, including emerging markets countries; real estate investment trust (“REIT”) debt securities; and mortgage-related securities. When investing in mortgage-related securities, DoubleLine may invest in obligations issued or guaranteed by agencies or instrumentalities of the U.S. Government; collateralized mortgage obligations (“CMOs”) issued by domestic or foreign private issuers that represent an interest in or are collateralized by mortgage related securities issued by agencies or instrumentalities of the U.S. Government; commercial mortgage backed securities (“CMBS”); obligations issued by private issuers that represent an interest in or are collateralized by whole mortgage loans or mortgage related securities without a government guarantee but typically with some form of private credit enhancement; “interest only” and “principal only” stripped mortgage securities; inverse floating rate securities; and debt or equity tranches of collateralized debt obligations collateralized by mortgage related securities. DoubleLine may seek to manage the duration of the Fund’s portfolio through the use of derivative instruments and other investments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund incurs costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful. Lazard Asset Management LLC (“Lazard”) invests in convertible securities, contingent convertible securities, preferred securities, equity, and debt, with the objective of current income, long-term capital appreciation and principal protection. Lazard’s Portfolio Management Team constructs a diversified portfolio of convertible securities, contingent convertible securities, preferred stocks, equity, and debt that have been evaluated on relative valuation and risk attributes. Lazard may use over-the-counter total return swaps as part of its investment strategy. The Fund seeks to achieve its investment objective by allocating among a variety of alternative strategies managed by seven unaffiliated investment managers (“Sub-Advisers”) sometimes referred to as “sleeves.” As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zMmWVatB7fIj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms.</td></tr></table> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zLbD1MQotn2j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zHvjjiYyhrIi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Event driven and special situations risk – At times, the Fund may seek to benefit from what are considered “special situations,” such as mergers, acquisitions, consolidations, liquidations, spin-offs, tender or exchange offers, reorganizations, restructurings or other unusual events that are expected to affect a particular issuer. Such special situations may involve so-called “distressed companies,” the debt obligations of which typically are unrated, lower-rated, in default or close to default. Also, securities of distressed companies are generally more likely to become worthless. There is a risk that the expected change or event might not occur, which could cause the price of the security to fall, perhaps sharply.</td></tr></table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zQkvooNHuwk7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateLoanSovereignEntityLoanAndBankLoanRiskMember_z9H9T1PcbKi6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zMl7EWHJNkxb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Contingent convertible securities risk – Contingent convertible securities (“CoCos”) are a form of hybrid fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined “trigger event” affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances, the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. CoCos’ unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. If the CoCos are converted into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Special purpose acquisition companies risk – The Fund may invest in stock of, warrants to purchase stock of, and other interests in special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (collectively, “SPACs”). Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zbmNanJUplB9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Private funds risk – The Private Funds will not be subject to the 1940 Act, nor will they be publicly traded. As a result, the Fund’s investments in the Private Funds will not be subject to the protections afforded to Shareholders under the 1940 Act. By investing in the Private Funds indirectly through the Fund, a shareholder bears two layers of asset-based fees and expenses – at the Fund level and the Private Fund level – in addition to indirectly bearing any performance fees charged by the Private Fund. Given the limited liquidity of the Private Funds, the Fund may not be able to alter its portfolio allocation in sufficient time to respond to any changes in the Private Funds that could be material and adverse, resulting in substantial losses from risks of Private Funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Valuation risk – The value of the Fund’s investments in Private Funds will be difficult to ascertain and these valuations on a given date will likely vary from the amounts the Fund would receive upon withdrawal of its investments. While the valuations of the Fund’s publicly traded securities are more readily ascertainable, the Fund’s ownership interest in the Private Funds will depend in large part on a Private Fund’s manager to provide a valuation, or assistance with a valuation, of the Fund’s investment in a Private Fund. Any such valuation is a subjective analysis of the fair market value of an asset and requires the use of techniques that are costly and time-consuming and ultimately provide no more than an estimate of value. Moreover, the valuation of the Fund’s investment in a Private Fund, as provided by a manager as of a specific date, may vary from the fair value of the investment that may be obtained if the Fund were to sell such investment to a third party in a secondary transaction. For information about the value of the Fund’s investments in Private Funds, the Adviser will be dependent on information provided by the Private Funds, including quarterly unaudited financial statements that, if inaccurate, could adversely affect the Adviser’s ability to value accurately the Fund’s shares.</td></tr></table> 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 27, 2020, the Fund was combined with JNL Institutional Alt 100 Fund, a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the JNL Institutional Alt 100 Fund. Effective April 26, 2021, the Fund was combined with JNL/Boston Partners Global Long Short Equity Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A83_eoef--BarChartTableTextBlock_z31E9rFJouE3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MzSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000153487Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_412_20160101__20161231_zuCw6xUWtpy8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">1.60%</td></tr> <tr id="xdx_41B_20170101__20171231_zV1h6Mnro3wc"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">6.39%</td></tr> <tr id="xdx_417_20180101__20181231_zBZVTCAxC1di"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-3.83%</td></tr> <tr id="xdx_414_20190101__20191231_zmttgxlsBOI8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.08%</td></tr> <tr id="xdx_414_20200101__20201231_zNc8inx7oQu7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.58%</td></tr> <tr id="xdx_419_20210101__20211231_zLvhI2Y9iw37" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">2.78%</td></tr> <tr id="xdx_416_20220101__20221231_zMFQ0lUFvCSg"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-10.41%</td></tr> <tr id="xdx_410_20230101__20231231_zlWSbjIe1F79"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">11.24%</td></tr> <tr id="xdx_414_20240101__20241231_zjimfeeVgZ37"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.59%</td></tr> <tr id="xdx_416_20250101__20251231_zLqvGwgaICRi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.53%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.6,2017:6.39,2018:-3.83,2019:9.08,2020:7.58,2021:2.78,2022:-10.41,2023:11.24,2024:9.59,2025:9.53)" src="jnlst485bpos019.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 7.68%; Worst Quarter (ended 3/31/2020): -8.61% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAzj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192217Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41D_20180101__20181231_zaoPVYnnf3Ql"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-3.55%</td></tr> <tr id="xdx_418_20190101__20191231_zGOggigczPK2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.47%</td></tr> <tr id="xdx_411_20200101__20201231_zDDjzBoYM9Qd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.91%</td></tr> <tr id="xdx_414_20210101__20211231_zlQTOw3qwWn1" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">3.10%</td></tr> <tr id="xdx_41D_20220101__20221231_zIOtlg9hvVvg"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-10.20%</td></tr> <tr id="xdx_41E_20230101__20231231_zjOSbBV0DQn8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">11.55%</td></tr> <tr id="xdx_414_20240101__20241231_zy4UXXHly77h"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">10.02%</td></tr> <tr id="xdx_412_20250101__20251231_z8bjJJnqXNd4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.79%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-3.55,2019:9.47,2020:7.91,2021:3.1,2022:-10.2,2023:11.55,2024:10.02,2025:9.79)" src="jnlst485bpos020.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 7.73%; Worst Quarter (ended 3/31/2020): -8.56% 0.0160 0.0639 -0.0383 0.0908 0.0758 0.0278 -0.1041 0.1124 0.0959 0.0953 Best Quarter 2020-06-30 0.0768 Worst Quarter 2020-03-31 -0.0861 -0.0355 0.0947 0.0791 0.0310 -0.1020 0.1155 0.1002 0.0979 Best Quarter 2020-06-30 0.0773 Worst Quarter 2020-03-31 -0.0856 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zKbC1nRrdyHa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zkYCBxlPt39i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zCdvQLaPr3bk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zUp9OLqgLh76" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zKbt0vLYe1Ia" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000153487Member_z9TqQUYyCZ7c" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Alternative Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.53</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.14</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zmfwQOvXNa0a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--WilshireLiquidAlternativeIndexMember_zBE4Fj3ZM9Mh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Wilshire Liquid Alternative Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.04</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zrSexWQ4uu7b"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zQLFhD5oRmlb"> </td> <td> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zZgAFwspWSZi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192217Member_z8ifYgRJXTh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager Alternative Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">9.79</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">4.48</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zeKsz2IlEkTj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--WilshireLiquidAlternativeIndexMember_zvMlgvTjEip4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Wilshire Liquid Alternative Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.04</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.68</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0953 0.0422 0.0414 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0604 0.0306 0.0279 2017-09-25 0.0979 0.0452 0.0448 0.0730 -0.0036 0.0172 0.0604 0.0306 0.0268 JNL Multi-Manager Emerging Markets Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zP3hkEhWs0kh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zwTHw6E6D9c3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zKpGu9nMRyo2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000029600Member_zsuWtbC5lZk8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dp_zumzyue7YVu2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_znYQG0s0BC46" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_z8k0DO2Npjha" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_zqpxHc1f6mdi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000067997Member_zsG28JHeT087" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dp_zie1D0tKO6q9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dp_zKOOU2lIMm1i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp_zkGRupSg0I4j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dp_zAh6aewxW547" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.92%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0076 0.0030 0.0016 0.0122 0.0076 0.0000 0.0016 0.0092 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: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZVq1Ua6jW98"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zmrwevPyfPGf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Emerging Markets Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zeJ1OqZlP1Si" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zK6oDYeGsjWj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zjozVRljmukk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_z9QGlIBwKAu1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000029600Member_zQXqXw5xDcYf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$124</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$387</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$670</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,477</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Emerging Markets Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zUEyDlLRXtDl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zLGnA0qR2X01" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zGcvuWWtiLoh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zpFLdUFPnif5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000067997Member_zSGEDz3EtaGh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$94</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$293</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$509</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,131</td></tr> </table> 124 387 670 1477 94 293 509 1131 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.60 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 emerging markets companies. The Fund considers a company to be in an emerging country or market if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the emerging country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging country or market. Emerging market countries include, but are not limited to all countries represented by the Morningstar® Emerging Markets Index℠ (the “Index”). The Index includes, but is not limited to, the following countries: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Kuwait, Malaysia, Mexico, Peru, Philippines, Qatar, Saudi Arabia, South Africa, South Korea, Taiwan, Thailand, Turkey, and United Arab Emirates. Other countries that are not represented by the Index may also be considered emerging if they are not defined as developed by Morningstar. Emerging markets may also be countries with low to middle income economies as classified by the World Bank. The Fund generally invests in securities of companies located in different regions and in at least three different countries. The Fund may concentrate, or invest a significant portion of its assets, in the securities of companies in one or a few countries or regions. The Fund may also invest in A Shares of companies based in the People’s Republic of China (“China”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may invest in participatory notes (“P-Notes”). 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. 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. T. Rowe Price Strategy T. Rowe Price Associates, Inc. and T. Rowe Price Hong Kong Limited (collectively, “T. Rowe Price”) constructs the T. Rowe Price Strategy by investing in stocks issued by companies in emerging markets. T. Rowe Price may invest in companies of any size but generally seeks stocks of mid or larger companies that T. Rowe Price believes are undervalued. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the WCM Strategy by investing in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies located in emerging market countries. WCM’s investments in equity securities may include common stocks, common stock that is offered in initial public offerings (“IPOs”), and depositary receipts. The WCM Strategy’s investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (“ADRs”, “EDRs”, “CDRs”, and “GDRs”, respectively). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. Kayne Anderson Rudnick Strategy Kayne Anderson Rudnick Investment Management, LLC (“KAR”) constructs the KAR Strategy by investing in equity or equity-linked securities of companies located in emerging markets countries. KAR invests in a select group of companies believed by KAR to be undervalued relative to their future market growth potential. The investment strategy emphasizes companies that KAR believes to have a sustainable competitive advantage, strong management, and low financial risk and to be able to grow over market cycles. KAR intends to diversify its investments among countries and normally to have represented in the portfolio business activities of a number of different countries. Equity securities in which KAR invests include common stocks, preferred stocks and ADRs/GDRs. KAR does not use allocation models to restrict investments to certain regions, countries, or industries. GQG Strategy GQG Partners LLC (“GQG”) constructs the GQG Strategy by investing in equity securities of emerging market companies. The equity securities in which the GQG Strategy invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. Equity securities also include depositary receipts (including unsponsored depositary receipts and ADRs, EDRs and GDRs), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and P-Notes, which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The GQG Strategy may invest in IPOs and securities of companies with any market capitalization. Certain instruments in which the GQG Strategy invests may be illiquid or thinly-traded securities. The GQG Strategy may invest in exchange traded funds (“ETFs”), including commodity ETFs that provide exposure to or invest in gold. 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 emerging markets companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Banking industry investment risk – Investment in securities issued by banks may be affected by factors influencing the health and performance of the banking industry. These factors may include, among others, economic trends, industry competition and governmental actions, as well as factors affecting the financial stability of borrowers. Bank securities typically are not insured by the U.S. government, foreign governments, or their agencies. Bank securities that do not represent deposits have lower priority in the bank’s capital structure than those securities comprised of deposits. This lower priority means that, in the event of insolvency of the bank that issued the security, the security could become worth less than the Fund paid for it.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Government regulatory risk – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Commodity ETF risk – In addition to the risks described under “exchange-traded funds investing risk,” the value of the Fund’s investment in ETFs that invest in commodity-related securities may be affected by changes in overall market movements or factors affecting a particular industry or commodity and may fluctuate significantly over short periods for a variety of factors, such as drought, floods, weather, livestock disease, embargoes, war, insufficient storage capacity, tariffs and international economic, political and regulatory developments. Investments linked to the prices of commodities are considered speculative and may be more volatile than investments in other types of securities or instruments. The commodity markets are subject to temporary distortions or other disruptions due to a variety of factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Warrants risk – If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. As a result, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Participation note risk – An investment in a participation note involves additional risks beyond the risks normally associated with a direct investment in the underlying security and a participation note’s performance may differ from the underlying security’s performance. Holders of participation notes do not have the same rights as an owner of the underlying stock and are subject to the credit risk of the issuer, and participation notes are privately issued and may be illiquid.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Russia investment risk – During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia’s banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement Depository (“NSD”) in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investing in China A Shares risk – Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investing through Stock Connect risk – The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.</td></tr></table> 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. 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. Performance prior to April 27, 2020 reflects the Fund’s results when managed by the former sub-adviser, Lazard Asset Management LLC, utilizing a different investment strategy. 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 27, 2020, the Fund was combined with JNL/Invesco China-India Fund and JNL/Oppenheimer Emerging Markets Innovator Fund (together, the “Acquired Funds”), each a series of JNL Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Funds. Effective April 27, 2026, the Fund was combined with JNL/WCM China Quality Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A83_eoef--BarChartTableTextBlock_zRqMOdn1r2k5"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> Yeras</td> <td style="font-weight: bold; text-align: left; width: 50%">Returns</td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000029600Member_zALgcuTA0P0h" style="vertical-align: middle; text-align: right">19.28%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000029600Member_zfT0cHlbhmih" style="vertical-align: middle; text-align: right">28.60%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000029600Member_zZgVkmg1El75" style="vertical-align: middle; text-align: right">-18.35%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000029600Member_zPuS71CwWPLd" style="vertical-align: middle; text-align: right">17.85%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000029600Member_z5MzZfQRc3tb" style="text-align: right">8.90%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000029600Member_z0dYUikJZBIf" style="text-align: right">0.08%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000029600Member_zDD4tGO10dha" style="vertical-align: middle; text-align: right">-24.13%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000029600Member_z99m2erSbJD1" style="vertical-align: middle; text-align: right">10.11%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000029600Member_zcKnEPl72CG3" style="vertical-align: middle; text-align: right">4.58%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000029600Member_zAiA4fdkfpsh" style="vertical-align: middle; text-align: right">24.27%</td></tr> </table> <img alt="PerformanceBarChartData(2016:19.28,2017:28.6,2018:-18.35,2019:17.85,2020:8.9,2021:0.08,2022:-24.13,2023:10.11,2024:4.58,2025:24.27)" src="jnlst485bpos021.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 21.37%; Worst Quarter (ended 3/31/2020): -30.35% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> Years</td> <td style="font-weight: bold; text-align: left; width: 50%">Returns</td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067997Member_zlEVrkLjlig4" style="vertical-align: middle; text-align: right">19.50%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067997Member_zoZotDI6E7p2" style="vertical-align: middle; text-align: right">28.94%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067997Member_zuffaYVep1v9" style="vertical-align: middle; text-align: right">-18.13%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067997Member_zxi0FZIUhq5i" style="vertical-align: middle; text-align: right">18.17%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067997Member_zAxVlmuvfGti" style="text-align: right">9.21%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067997Member_zUJWU1XZRid8" style="text-align: right">0.40%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067997Member_zcpHG6udDTBi" style="vertical-align: middle; text-align: right">-23.93%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067997Member_zkGytntTGjr5" style="vertical-align: middle; text-align: right">10.47%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067997Member_zVeTc0dpRa04" style="vertical-align: middle; text-align: right">4.90%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067997Member_z6sGYjlYP0jg" style="vertical-align: middle; text-align: right">24.59</td></tr> </table> <img alt="PerformanceBarChartData(2016:19.5,2017:28.94,2018:-18.13,2019:18.17,2020:9.21,2021:0.4,2022:-23.93,2023:10.47,2024:4.9,2025:24.59)" src="jnlst485bpos022.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 21.44%; Worst Quarter (ended 3/31/2020): -30.29% 0.1928 0.2860 -0.1835 0.1785 0.0890 0.0008 -0.2413 0.1011 0.0458 0.2427 Best Quarter 2020-12-31 0.2137 Worst Quarter 2020-03-31 -0.3035 0.1950 0.2894 -0.1813 0.1817 0.0921 0.0040 -0.2393 0.1047 0.0490 0.2459 Best Quarter 2020-12-31 0.2144 Worst Quarter 2020-03-31 -0.3029 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zJDYF86PfxC7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zuSTUxkeay68" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49E_20250101__20251231_zJ2k2IJ07zS9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20210101__20251231_z4zLU9TzAhhk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zORtzaLuJSpb" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029600Member_zgclslNV1Txl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Emerging Markets Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">24.27</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsIndexNetMember_zfjScO624Zeb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">29.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49E_20250101__20251231_zCPBngYasXxa" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20210101__20251231_zLbe7FfbDlug" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zUs3o9J9Llj" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067997Member_zcgxEN3V8Wbe" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Emerging Markets Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">24.59</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.02</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsIndexNetMember_zJvrrVdxL14f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">29.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2427 0.0167 0.0573 (reflects no deduction for fees, expenses, or taxes) 0.2976 0.0476 0.0866 0.2459 0.0197 0.0602 0.2976 0.0476 0.0866 JNL Multi-Manager Floating Rate Income Fund Class A Class I 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zqUoWT7SYm9i"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zMkuArBsQD36"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z92vxBrw7HX3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000095821Member_z4PTr9YLQUxc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zs7Ex4aKqLn6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.47%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_zp4szb3HdbJ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zNsVBrCCY6T4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_znev0GDk1Al" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zR98D0s9xAtd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000192211Member_zBS7eZCiS99l" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dp_zLCPxzi1Cr66" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.47%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dp_z82vkn64xJI6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dp_zJ3r2JtQWmG5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zjeoR4AOmSH5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zr92KuxbO7kj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0047 0.0030 0.0017 0.0001 0.0095 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. 0.0047 0.0000 0.0017 0.0001 0.0065 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zD4gOYnYz23"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z6N0IKdr0HA4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Floating Rate Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zZVMLvYVgyRg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zuokzLdCOxZ2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zJiZI9X0fEdg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zhCNXHlvZFak" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000095821Member_zTo0qryBkGE2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$303</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$525</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,166</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Floating Rate Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zOMt4b3KuDah" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zSbWcHMHWzg3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zcejWnO7vfZ8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_zxjKKjD8M2T7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192211Member_zaZVwsfEJTge" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> 97 303 525 1166 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.52 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. 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. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateLoanSovereignEntityLoanAndBankLoanRiskMember_zSI1TmY8BHVh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zrI8P9FyR7w5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TemporaryDefensivePositionsAndLargeCashPositionsRiskMember_zxybjMPDTTwj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_zrB147uw7Hi2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_z9AJxex5ucJf"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000095821Member_zr2AT02ED0y2" style="display: none; width: 50%">9.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000095821Member_zwVIdvTnhbHb" style="display: none">2.92%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000095821Member_z2pFKFsFFJo3" style="display: none">-1.02%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000095821Member_zlg7c4gb5S0h" style="display: none">8.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000095821Member_zMymEqbmamp7" style="display: none">0.46%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000095821Member_zZNwHOntSwM3" style="display: none">3.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000095821Member_zNKuHuhfT478" style="display: none">-4.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000095821Member_zWmVFKpHIQx6" style="display: none">13.16%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000095821Member_zs6o22bFaUI7" style="display: none">8.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000095821Member_zuE7TEPRjUZc" style="display: none">3.83%</td></tr> </table> <img alt="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)" src="jnlst485bpos023.jpg" style="height: 232px; width: 449px"/> 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 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192211Member_z5fd9qpWN0Wa" style="display: none; width: 50%">-0.82%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192211Member_z8sQCBS2aZr2" style="display: none">8.60%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192211Member_zgAo2hjOhPB7" style="display: none">0.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192211Member_zFUKM1pwqoC4" style="display: none">4.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192211Member_zzGYbixRTkY4" style="display: none">-4.34%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192211Member_zAyJX0oEWle2" style="display: none">13.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192211Member_zjoeRYUCkR9i" style="display: none">8.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192211Member_zxZtYYUFZdK" style="display: none">4.13%</td></tr> </table> <img alt="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)" src="jnlst485bpos024.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.00%; Worst Quarter (ended 3/31/2020): -12.47% 0.0942 0.0292 -0.0102 0.0821 0.0046 0.0373 -0.0465 0.1316 0.0813 0.0383 Best Quarter 2020-06-30 0.0794 Worst Quarter 2020-03-31 -0.1252 -0.0082 0.0860 0.0073 0.0406 -0.0434 0.1352 0.0839 0.0413 Best Quarter 2020-06-30 0.0800 Worst Quarter 2020-03-31 -0.1247 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zhyF6GrxsaBf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zk1MLvVN9EUg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_495_20250101__20251231_zY0JgGwFBFQf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49A_20210101__20251231_zdNsqMZ4cy87" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_497_20160101__20251231_zC5wxNQ9fNfb" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000095821Member_zSwQcNmiOBDc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Floating Rate Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zHkY15k9FS1d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoanIndexMember_zL67VEC06akg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar LSTA US Leveraged Loan Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_495_20250101__20251231_zs2pw6VNBZAg"> </td> <td> </td> <td id="xdx_49A_20210101__20251231_zCGw9kEAEe16"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zfFjK2eJtklb" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192211Member_zWjCiHJOvBv4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager Floating Rate Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">4.13</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">4.13</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zALtx98aYrC8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarLSTAUSLeveragedLoanIndexMember_zkgbegeA67Yf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar LSTA US Leveraged Loan Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.48</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0383 0.0467 0.0429 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0590 0.0642 0.0583 2017-09-25 0.0413 0.0499 0.0413 0.0730 -0.0036 0.0172 0.0590 0.0642 0.0548 JNL Multi-Manager Global Small Cap Fund (formerly, JNL/American Funds Global Small Capitalization Fund) Class A Class I Investment Objective. The investment objective of the Fund is 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z4ammGAzib39"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z0TCUXZ5wcIe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zN6WlWn9RAce" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000085349Member_zqJSzHuAAkT2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zcdJhALL7Rhj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zyFcvqvaqX5b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zBSQELSQfpvf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zDWbfvZpFJl5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.81%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zbukEVtJ9jj5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.16%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000085350Member_z3qpbpzazwBd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dp_zonSQMc8uMph" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zxeIsX6Rqgo2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dp_zMR25od0rK4k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dp_zXcWVV9RPSgh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.81%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dp_zSRvcRmCxYCb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0000 0.0030 0.0005 0.0081 0.0116 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 information has been restated to reflect current fees. 0.0000 0.0000 0.0005 0.0081 0.0086 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDocpc0qd0E4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zx4qHbMRgeZ7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Global Small Cap Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zBW6CSmQK6kl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zfrBbS9SG04f" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zTS5SvQAsAx6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_zSea7bSrZIG6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000085349Member_z7blzcGQ5pBd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$118</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$638</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,409</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Global Small Cap Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zEJ6d9lutlkj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z8waSzaknPkb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zAGIq2QMDsN5" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_ztTokUhtKauh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000085350Member_z3iotPGOD7Z6" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$477</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,061</td></tr> </table> 118 368 638 1409 88 274 477 1061 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">51</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund’s master fund when operating under its former investment strategy as a feeder fund in a master-feeder fund arrangement. 0.51 Principal Investment Strategies. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of small-capitalization companies. The Fund seeks to achieve its investment objective by investing in underlying funds that, in turn, invest primarily in equity securities of small-capitalization companies (“Underlying Funds”). The Fund invests in Class I shares of the following Underlying Funds: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>40%-60% in the JNL Multi-Manager International Small Cap Fund;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>15%-35% in the JNL Multi-Manager Small Cap Growth Fund; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>15%-35% in the JNL Multi-Manager Small Cap Value Fund.</td></tr></table> Each Underlying Fund invests at least 80% of its assets (net assets plus any borrowings for investment purposes) in securities of small-capitalization companies. One of the Underlying Funds invests in the securities of companies domiciled in at least three different countries, and, therefore, the Fund will have exposure to securities of small-capitalization companies and to at least three different countries through its investments in the Underlying Funds. The investment policies and risks of the Underlying Funds are further described elsewhere in this Prospectus. It should be noted that the Fund’s investment objective and investment strategies remain constant regardless of which Underlying Funds the Fund is invested in. Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of small-capitalization companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zSPeEUoWv6Oh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Managed portfolio risk – As an actively managed portfolio, the Master Fund’s portfolio manager(s) make decisions to buy and sell holdings in the Master Fund’s portfolio. Because of this, the value of the Master 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 Master Fund’s Adviser’s investment techniques could fail to achieve the Master Fund’s investment objective or negatively affect the Master Fund’s investment performance, or legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser of the Master Fund. There is no guarantee that the investment objective of the Fund will be achieved.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_z0uXhZNcYN2k" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. Performance prior to April 27, 2026 reflects the Fund’s results when the Fund operated as a feeder fund in a master-feeder arrangement. 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. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_z3RJjZxb9du1"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000085349Member_zSEYflSiOITi" style="display: none; width: 50%">1.76%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000085349Member_zcEPdoSBxpDl" style="display: none">25.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000085349Member_z4IeJEkCtjy4" style="display: none">-10.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000085349Member_zRhXeuoNR6Ml" style="display: none">31.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000085349Member_zBALHVGhdk9e" style="display: none">29.32%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000085349Member_z4DrZKlZEOsi" style="display: none">6.38%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000085349Member_zml1xpfunx7" style="display: none">-29.80%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000085349Member_zM7lHnO1OUFl" style="display: none">15.77%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000085349Member_z41RfsabFVt2" style="display: none">2.05%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000085349Member_zwRWTDD7ey1i" style="display: none">14.20%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.76,2017:25.52,2018:-10.77,2019:31.1,2020:29.32,2021:6.38,2022:-29.8,2023:15.77,2024:2.05,2025:14.2)" src="jnlst485bpos025.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 29.25%; Worst Quarter (ended 3/31/2020): -25.29% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000085350Member_zsHJXM7dWKfi" style="display: none; width: 50%">1.97%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000085350Member_zulBQylFvTDg" style="display: none">25.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000085350Member_z5gOImR5LuYl" style="display: none">-10.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000085350Member_zFrxngCXfJVe" style="display: none">31.44%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000085350Member_zhWfs6EQOOr4" style="display: none">29.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000085350Member_zJpcTWHOg5R2" style="display: none">6.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000085350Member_zLLVM3sYkXa6" style="display: none">-29.59%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000085350Member_z9NYpZEhvMv" style="display: none">16.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000085350Member_zp4HBC31HJq1" style="display: none">2.30%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000085350Member_zITuuVTDw2bd" style="display: none">14.57%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.97,2017:25.78,2018:-10.48,2019:31.44,2020:29.78,2021:6.71,2022:-29.59,2023:16.09,2024:2.3,2025:14.57)" src="jnlst485bpos026.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 29.27%; Worst Quarter (ended 3/31/2020): -25.16% 0.0176 0.2552 -0.1077 0.3110 0.2932 0.0638 -0.2980 0.1577 0.0205 0.1420 Best Quarter 2020-06-30 0.2925 Worst Quarter 2020-03-31 -0.2529 0.0197 0.2578 -0.1048 0.3144 0.2978 0.0671 -0.2959 0.1609 0.0230 0.1457 Best Quarter 2020-06-30 0.2927 Worst Quarter 2020-03-31 -0.2516 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zeXmDl9NpFdj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zMEF3GYtpZn5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_zWCGuIzrr8r3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zX9lAxKJgpaf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49F_20160101__20251231_zdKoFeC1lMma" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085349Member_zGaKjBWZAK9k" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Global Small Cap Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.20</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.15</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z1MRSDdTlkoj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalSmallCapTargetMarketExposureIndexNetMember_z7DHtghgJUT1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.65</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_z1GLiG75q8W2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zVEKaGiJjCvg" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49F_20160101__20251231_zVvIbCcGvfm8" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000085350Member_zI3eMUofbNGl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Global Small Cap Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.57</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.44</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zzIpnFwaXjMe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalSmallCapTargetMarketExposureIndexNetMember_zhU4fyIt4rT8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.65</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1420 0.0015 0.0689 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1996 0.0665 0.0893 0.1457 0.0044 0.0719 0.2223 0.1120 0.1170 0.1996 0.0665 0.0893 JNL Multi-Manager International Equity Fund (formerly, JNL/William Blair International Leaders Fund) Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term capital appreciation. 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. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zF8ULKSAeZij"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zY2RcWsqJiqc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zrjkei675Hae" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000004630Member_zO4i3U1jJZed" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_z8eJWlQg5oqh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zJL5t2Tztm77" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zYKGuTB5eyMb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zz1wsmODvfx2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.97%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000067964Member_zvakZ6z5bOol" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dp_zCAe9NDMHM5f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dp_zGlWlN8L9lF4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dp_zz4SMOz9QMY" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dp_zqjUorGRrk5h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0051 0.0030 0.0016 0.0097 0.0051 0.0000 0.0016 0.0067 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSUC7MWfm6p6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zOcsZGzGvalf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager International Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_z7r9rNIHqgB7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zVC6jvckbWT3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zxDeuYzgWRG" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_zzlFTL1Dr8Cf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000004630Member_zHdSAPXKuKN4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$309</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$536</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,190</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager International Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zWWYnexbfmE4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_z1h83Cuw3B8b" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zVrglZywe0j8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_z99gwF1XPyj8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000067964Member_z7UGXNTBv3ea" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> 99 309 536 1190 68 214 373 835 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund when operating under its former investment strategy. 0.86 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 equity securities of companies located outside the United States. The Fund considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Fund generally will invest in securities of companies located in different regions and in at least three different countries. The Fund 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 financials, industrials, and information technology. The Fund’s equity investments include, but is not limited to, common stock of companies located outside the United States. and depositary receipts, traded on an exchange and in over-the-counter markets. The Fund’s investments in depositary receipts may include American, European, Canadian, and Global Depositary Receipts (“ADRs,” “EDRs,” “CDRs” and “GDRs,” respectively), and other similar securities. ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. The Fund may invest in securities of companies across the capitalization spectrum. 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. Causeway Strategy Causeway Capital Management LLC (“Causeway”) constructs the Causeway Strategy by investing primarily in equity securities of companies located outside the United States. The Causeway Strategy’s investments in equity securities include common stock, as well as preferred stock, and depositary receipts. When investing the Causeway Strategy’s assets, Causeway’s proprietary computer model analyzes factors relating to valuation, sentiment, technical indicators, long-term growth, quality, and sustainability characteristics. The sustainability category is further subdivided into environmental (E), social (S), and governance (G) categories. Currently, the sustainability category receives a 20% weight in the model. For each stock, the weight assigned to the remaining five factors differs depending on its classification (for example, value, growth, momentum, or other classifications). The relative weights of these factors are sometimes referred to as “contextual weights.” Factors and their weights may change over time as the model is revised and updated, or if the classification of a stock changes. In addition to its quantitative research, Causeway’s fundamental research analysts review certain of the quantitative outputs to attempt to identify special issues, such as significant upcoming mergers and acquisitions or management changes, which may not be captured quantitatively. Lazard Strategy Lazard Asset Management LLC (“Lazard”) constructs the Lazard Strategy by investing primarily in equity securities of non-U.S. companies, including those whose principal business activities are located in emerging market countries. The Lazard Strategy invests in companies that Lazard considers to be quality growth businesses. By “quality,” Lazard means businesses that it believes can generate, and sustain, high levels of financial productivity (i.e., return on equity, return on capital and cash flow return on investment). Lazard considers, among other factors deemed appropriate and relevant to a particular company, whether the company has a competitive advantage in its industry and if Lazard believes the company can sustain its competitive advantage. Lazard also looks for “growth” businesses that it believes can grow profits and cash flows by investing back into their business at similarly high rates of financial productivity. Lazard Strategy may invest in securities of companies across the capitalization spectrum but generally focuses on companies with a market capitalization of $3 billion or more. The Lazard Strategy principally invests in common stocks, but the Lazard Strategy’s investments in equity securities also may include preferred stocks, convertible securities, and ADRs, GDRs, and EDRs. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the WCM Strategy by investing primarily in equity securities of non-U.S. domiciled companies or depositary receipts of non-U.S. domiciled companies that WCM believes to be undervalued because their businesses are out of favor and/or their stocks are undervalued in comparison to their intrinsic values, their peers, or their prospects for growth. Such companies may be located in developed, emerging market or frontier market countries. Emerging market and frontier market countries are those countries with low- to middle-income economies as classified by the World Bank, or are included in any of the Morgan Stanley Capital International (MSCI) emerging markets or frontier markets indices. The equity securities in the WCM Strategy may include common stock and depositary receipts. The WCM Strategy’s investments in depositary receipts may include ADRs, EDRs, CDRs, and GDRs. The WCM Strategy will be managed pursuant to a “focused” strategy, whereby WCM typically invests in the equity securities of a small number of issuers. William Blair Strategy William Blair Investment Management, LLC (“William Blair”) constructs the William Blair Strategy by investing primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by companies of all sizes domiciled outside the United States that William Blair believes have above-average growth, profitability, and quality characteristics. William Blair seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development that are leaders in their country, industry, or globally in terms of products, services, or execution. In choosing investments, William Blair performs fundamental company analysis and focuses on stock selection. William Blair generally seeks equity securities, including common stocks of companies that historically have had superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide and that are expected to continue such performance. William Blair believes that such companies generally will exhibit superior business fundamentals, including leadership in their field, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis. These business characteristics should be accompanied by management that is shareholder return-oriented and that uses conservative accounting policies. Companies with above-average returns on equity, strong balance sheets, and consistent, above average earnings growth will be the primary focus. Stock selection will take into account both local and global comparisons. The Fund may also invest in A Shares of companies based in the People’s Republic of China (“China”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. 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 equity securities of companies located outside the United States. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zcDsAv5KnwWf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zXQevIAT7yE5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zBsN7rHItuub" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor’s historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security’s value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investing through Stock Connect risk – The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investing in China A Shares risk – Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zuRidzl4wEEa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. Performance from April 25, 2022 to April 27, 2026, reflects the Fund’s results when managed solely by William Blair Investment Management, LLC. Performance prior to April 25, 2022 reflects the Fund’s results when managed by the former sub-adviser, Invesco Advisers, Inc. 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 27, 2026, the Fund was combined with JNL/Lazard International Quality Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A87_eoef--BarChartTableTextBlock_zB2AkgGziUwi"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004630Member_z8cCWn2hqIe2" style="display: none; width: 50%">-1.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004630Member_zQ1fbmJSPad2" style="display: none">23.20%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004630Member_zTozk4vgLbH5" style="display: none">-15.08%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004630Member_zVZlulf2ZRck" style="display: none">28.14%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004630Member_zrYBdY1xyAxe" style="display: none">13.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004630Member_zPPl3TiHmd48" style="display: none">6.20%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004630Member_zaHvUzFf73e7" style="display: none">-25.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004630Member_zKRrHEbda7f" style="display: none">12.90%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004630Member_z4pVlhOILL65" style="display: none">-0.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004630Member_zxkNZtkWByci" style="display: none">23.50%</td></tr> </table> <img alt="PerformanceBarChartData(2016:-1.19,2017:23.2,2018:-15.08,2019:28.14,2020:13.78,2021:6.2,2022:-25.1,2023:12.9,2024:-0.95,2025:23.5)" src="jnlst485bpos027.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.39%; Worst Quarter (ended 3/31/2020): -22.16% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067964Member_zVpkuYkR1YSe" style="display: none; width: 50%">-1.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067964Member_zW77l0V1rUbb" style="display: none">23.47%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067964Member_z0FN66zb5XQf" style="display: none">-14.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067964Member_z65XGsIKk457" style="display: none">28.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067964Member_zyBpOab9Yji" style="display: none">14.15%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067964Member_zgF2ri66btYg" style="display: none">6.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067964Member_zd5l1dUFKai6" style="display: none">-24.82%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067964Member_zLzcIEPYXOtb" style="display: none">13.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067964Member_zbOBzjPnTs5k" style="display: none">-0.65%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067964Member_zsbxfOdUIHTi" style="display: none">23.78%</td></tr> </table> <img alt="PerformanceBarChartData(2016:-1.06,2017:23.47,2018:-14.78,2019:28.52,2020:14.15,2021:6.48,2022:-24.82,2023:13.26,2024:-0.65,2025:23.78)" src="jnlst485bpos028.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.47%; Worst Quarter (ended 3/31/2020): -22.06% -0.0119 0.2320 -0.1508 0.2814 0.1378 0.0620 -0.2510 0.1290 -0.0095 0.2350 Best Quarter 2020-06-30 0.1839 Worst Quarter 2020-03-31 -0.2216 -0.0106 0.2347 -0.1478 0.2852 0.1415 0.0648 -0.2482 0.1326 -0.0065 0.2378 Best Quarter 2020-06-30 0.1847 Worst Quarter 2020-03-31 -0.2206 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zdzl56s4cLLc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zOiXHfrHD1Ge" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49F_20250101__20251231_z7QJHc7FCF6a" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_490_20210101__20251231_z3rvxX6zTlC3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zblQwegcg6O9" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004630Member_zjcnJszhBwbj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager International Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">23.50</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.90</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.17</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zonsAwNz8UP6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49F_20250101__20251231_zXiy3t1Whzbe" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_490_20210101__20251231_zdeuXveulN32" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zTDoEuab5pqb" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067964Member_zKq3HZttjfNj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager International Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">23.78</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.20</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zA8scrVlZUHd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2350 0.0190 0.0517 (reflects no deduction for fees, expenses, or taxes) 0.3187 0.0805 0.0854 0.2378 0.0220 0.0547 0.3187 0.0805 0.0854 JNL Multi-Manager International Small Cap Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zNweXYSRk7Sj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zHKFTZ9RR3Ul"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zLapP8CufPbg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000202637Member_zgcce1rTIQRg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zpqLYPcA0If9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.74%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zL1hyAhRzGwh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zrogoVmxuC6d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zrQQIgHV3mCi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.20%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000202638Member_zDJQUWJl2o5h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zbESyvdnCT8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.74%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_znLcWnKsWGo8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zjRhl3tRvLCe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zgFcTJrrq5td" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.90%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0074 0.0030 0.0016 0.0120 Expense information has been restated to reflect current fees. 0.0074 0.0000 0.0016 0.0090 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zbATijSPHCt4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zoZD3Doddg97" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager International Small Cap Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zvP9wpw32Ybl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zaGxZIvxbyKi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z3hSLGl47HH1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zW3FmoHZMqo9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000202637Member_zqCCvZ5KHdni" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$122</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$381</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$660</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,455</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager International Small Cap Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_ztVnLYW2oifh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zfCV874Gieo1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zles8SvURvo6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zAlWrQuGqXU4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000202638Member_z38trnPf6PCd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$92</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$287</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$498</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,108</td></tr> </table> 122 381 660 1455 92 287 498 1108 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_987_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000062460Member_zqr0xM44YyQe" style="border-bottom: black 1pt solid; width: 16%; text-align: right">116</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.16 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 international companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar Global ex-US Small Cap Target Market Exposure Index. As of December 31, 2025, the range of such companies in the Morningstar Global ex-US Small Cap Target Market Exposure Index was $273.95 million to $30.75 billion. The Fund generally will invest in the securities of companies domiciled in at least three different countries. However, from time to time, the Fund may invest a significant portion of its assets in the securities of companies domiciled in one or a few countries. As of the date of the prospectus, the Fund invested significantly in securities of companies domiciled in Japan. The Fund 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 the industrials sector. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. The equity securities in which the Fund may invest can be traded on an exchange or in over-the-counter markets and include common stocks (including depositary receipts evidencing ownership of common stock), preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics. The Fund’s investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (“ADRs,” “EDRs,” “CDRs”, and “GDRs,” respectively), and other similar securities. ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. EDRs and GDRs have the same qualities as ADRs, except that they may be traded in several international trading markets. The Fund may participate in initial public offerings (“IPOs”) and in securities offerings that are not registered in the U.S. In some emerging markets, the Fund may invest in companies that qualify as smaller companies but still are among the largest in that market. The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission (“SEC”) but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. A company is considered to be in an emerging or frontier country or market if the company has been registered, incorporated, or organized under the laws of, has headquarters or its principal offices in, or has its stock exchange listing or its securities principally traded in, the emerging or frontier country or market, or if the company derives at least 50% of its revenues, net profits or incremental revenue growth (typically over the past five years) from, or has at least 50% of assets or production capacities in, the emerging or frontier country or market. The Fund considers a company to be domiciled in a country if the company is registered, incorporated or organized under the laws of that country, has headquarters or its principal place of business in that country, or has its stock exchange listing or its securities principally traded in that country. Three 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. The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund’s 80% policy and are consistent with the Fund’s investment policies and limitations with respect to investments in derivatives. JNAM 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 Sub-Adviser’s strategy, but the Sub-Advisers may also implement other investment strategies in keeping with their respective strategy’s objective. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the strategy by investing in equity securities or depositary receipts of small capitalization companies domiciled outside of the United States, including in emerging and frontier market countries. Causeway Strategy Causeway Capital Management LLC (“Causeway”) constructs the strategy by investing primarily in common stocks of companies with smaller market capitalizations located in developed and emerging markets outside the U.S. The Causeway Strategy may invest in a wide range of industries. FIAM Strategy FIAM LLC (“FIAM”) constructs the FIAM Strategy by investing primarily in non-U.S. securities, including securities of issuers located in emerging markets with small market capitalizations. FIAM uses fundamental analysis of factors such as each issuer’s financial condition and industry position, and market and economic conditions to select investments. 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 international companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar Global ex-US Small Cap Target Market Exposure Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4Hk2xDyTFVb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zRHYWDamoEJ6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zIG6AFNq0kXe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zovnLMJYpLY8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zltSP0KHJLUc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_znIU7t6bMGFk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketCountriesRiskMember_zUU079l94tU7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Frontier market countries risk – Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks is the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zlWBkhtGIZb8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zaygRRSzr7Th"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zAy2UT0XZXT5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeanInvestmentRiskMember_zFnubTMQKLjh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--JapanInvestmentRiskMember_z2UuJGRCqy0a"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Japan investment risk – The Fund may invest a meaningful portion of its assets in Japan, the Fund’s performance is expected to be closely tied to social, political, and economic conditions within Japan and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zDwZx9Setre6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInIposRiskMember_zQAcYClnW2kf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_zyVyHC92IF1b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulationSSecuritiesRiskMember_zPiP52riu1Wc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Regulation S securities risk – Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zhrEIX6orrY9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zW0knq2Pa9h5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zzMcgNIUXfrf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</td></tr></table> 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. Effective April 26, 2021, the Fund was combined with JNL/Franklin Templeton International Small Cap Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A82_eoef--BarChartTableTextBlock_zRfZ8mbBfUT9"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z9k0kZH0n117" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202637Member_z6CNGcD6GZLf" style="font-weight: bold; text-align: left; width: 50%">26</td></tr> <tr id="xdx_411_20190101__20191231_zzTH1qiZ8Jla"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.72%</td></tr> <tr id="xdx_417_20200101__20201231_zcNlePbY1QUi" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">32.18%</td></tr> <tr id="xdx_415_20210101__20211231_zrX7SanA6AS8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.62%</td></tr> <tr id="xdx_41F_20220101__20221231_zw64zMGsEcL1" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-30.44%</td></tr> <tr id="xdx_41C_20230101__20231231_zCDK9wc2jwr1" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">22.47%</td></tr> <tr id="xdx_41C_20240101__20241231_zmzjlWwIbBWf" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">4.98%</td></tr> <tr id="xdx_410_20250101__20251231_zJ0fuaPjaGVg" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">25.49%</td></tr> </table> <img alt="PerformanceBarChartData(2019:31.72,2020:32.18,2021:15.62,2022:-30.44,2023:22.47,2024:4.98,2025:25.49)" src="jnlst485bpos029.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 33.42%; Worst Quarter (ended 3/31/2020): -25.68% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zNgcgZx8PeF1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202638Member_zBM6iaB9v8G2" style="font-weight: bold; text-align: left; width: 50%">27</td></tr> <tr id="xdx_414_20190101__20191231_zZGDzKaOWdp8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">32.06%</td></tr> <tr id="xdx_41C_20200101__20201231_z7898syv5mJ2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">32.68%</td></tr> <tr id="xdx_41E_20210101__20211231_zYPdkF7xtR3j" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.96%</td></tr> <tr id="xdx_411_20220101__20221231_zZFrALnIPl39" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-30.27%</td></tr> <tr id="xdx_416_20230101__20231231_zX17ALBG9BTg" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">22.84%</td></tr> <tr id="xdx_412_20240101__20241231_zFqGddrVr2p5" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">5.32%</td></tr> <tr id="xdx_412_20250101__20251231_zZwN1rDP5qxc" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">25.88%</td></tr> </table> <img alt="PerformanceBarChartData(2019:32.06,2020:32.68,2021:15.96,2022:-30.27,2023:22.84,2024:5.32,2025:25.88)" src="jnlst485bpos030.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 33.50%; Worst Quarter (ended 3/31/2020): -25.59% 0.3172 0.3218 0.1562 -0.3044 0.2247 0.0498 0.2549 Best Quarter 2020-06-30 0.3342 Worst Quarter 2020-03-31 -0.2568 0.3206 0.3268 0.1596 -0.3027 0.2284 0.0532 0.2588 Best Quarter 2020-06-30 0.3350 Worst Quarter 2020-03-31 -0.2559 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zTNFkuEuQfWa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zwZEuIRnv4V" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zNWsSS6OXgg8"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zPcbH8UbqV3e"> </td> <td> </td> <td colspan="2" id="xdx_494_20180813__20251231_zAUpsYhpL4Aa" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202637Member_z83OzA3mlVA6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager International Small Cap Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">25.49</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.35</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zOWXKu7e16H7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalexUSSmallCapTargetMarketExposureIndexNetMember_zq1apGnEFSte" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">30.29</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zHDv6BSJtN51"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zCFD4NlTMAE3"> </td> <td> </td> <td colspan="2" id="xdx_494_20180813__20251231_zEGmU2ZAIsz7" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202638Member_zlyTtZZdBldg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager International Small Cap Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">25.88</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zXOo79DIi7Ii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalexUSSmallCapTargetMarketExposureIndexNetMember_zc8evu2Z8Jj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global ex-US Small Cap Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">30.29</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.2549 0.0535 0.0849 (reflects no deduction for fees, expenses, or taxes) 0.3187 0.0805 0.0810 0.3029 0.0618 0.0654 2018-08-13 0.2588 0.0566 0.0882 0.3187 0.0805 0.0810 0.3029 0.0618 0.0654 JNL Multi-Manager Mid Cap Fund Class A Class I Investment Objective. The investment objective of the Fund is 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. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zKp129C3cZag"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_ztOmuR0Ogcd6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zmBgbvlHOGF7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000172890Member_zSmc7RaBO2Q9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zpd2pOvZhP37" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.61%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7ZLG5E4mPO" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zvTgjn3Mx935" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z8RNoWIJb6tl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.06%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192221Member_z2wc1kGgTJY5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zLGBfjS5hcGb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.61%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zSddm7zEg5l9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zxoSoHDYvtyf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zlBafZKvtQ31" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0061 0.0030 0.0015 0.0106 0.0061 0.0000 0.0015 0.0076 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7syvQapnDG3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_za267I5m84Ii" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Mid Cap Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zvsPchfeRoF4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zISI2uruJst6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zEkR6jMpmR5b" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zM7Tc8FMuJLh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000172890Member_zJJKdfz9SZhc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$108</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$337</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$585</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,294</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Mid Cap Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zC1heyti6pm7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zU5ozhpjKHtf" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zA4kfsuQf1l7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zAVyJ43TWM17" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000192221Member_zr1VS3y4liSk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> 108 337 585 1294 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000054971Member_zhyyErvRmwn" style="border-bottom: black 1pt solid; width: 16%; text-align: right">85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.85 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. 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. Champlain Strategy Champlain Investment Partners, LLC (“Champlain”) invests mainly in common stocks of medium-sized companies that it believes have strong long-term fundamentals, superior capital appreciation potential and attractive valuations. Kayne Anderson Rudnick Strategy Kayne Anderson Rudnick Investment Management, LLC (“KAR”) constructs the KAR Strategy by investing in a select group of medium market capitalization companies that KAR believes to be undervalued relative to their future growth potential. The investment strategy emphasizes companies KAR believes to have a sustainable competitive advantage, which in KAR’s view are companies that exhibit a number of traits, including but not limited to: strong management, low financial risk, and the ability to grow over multiple market cycles. Although the KAR Strategy invests primarily in U.S. companies, it may invest in foreign securities and depositary receipts. 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. 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 with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zHL4DjbJMOD2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zeBd6AvUIIGg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_z7VfKtPpHZSh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zULmFgvoi9if"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"></td><td></td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zbOBhuuLNG72"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesRiskMember_zjjLGhVYd3g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zYZHBMDdMs0g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zZD0YpGjoPGf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zQJokawgRRzf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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. <div id="xdx_A82_eoef--BarChartTableTextBlock_zMKP54NHVutl"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zqtFf4bdI5H1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000172890Member_zfa7D7EzL553" style="font-weight: bold; text-align: left; width: 50%">28</td></tr> <tr id="xdx_41E_20170101__20171231_z2zYBD8fqnM8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">16.04%</td></tr> <tr id="xdx_41D_20180101__20181231_z56t7soRR8Qg"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.70%</td></tr> <tr id="xdx_411_20190101__20191231_zwWk2fAGnmHe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">28.77%</td></tr> <tr id="xdx_418_20200101__20201231_zlbDLp7v8xug" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">14.52%</td></tr> <tr id="xdx_415_20210101__20211231_zbLnConqmWj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.25%</td></tr> <tr id="xdx_41F_20220101__20221231_zWAmm50vTZNd" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-16.44%</td></tr> <tr id="xdx_41C_20230101__20231231_zFISAUmasPi6" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">12.33%</td></tr> <tr id="xdx_418_20240101__20241231_z9U5bsfYNZj1" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">6.97%</td></tr> <tr id="xdx_41B_20250101__20251231_zUBi0F2ZHo4j" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">1.83%</td></tr> </table> <img alt="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)" src="jnlst485bpos031.jpg" style="height: 232px; width: 449px"/> 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 <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_dU_zSnqInbrZkTh" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192221Member_z4BVvtdIdUsi" style="font-weight: bold; text-align: left; width: 50%">29</td></tr> <tr id="xdx_414_20180101__20181231_zUqfZjrSjja9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.45%</td></tr> <tr id="xdx_414_20190101__20191231_z8z4E3gn5eFg"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">29.10%</td></tr> <tr id="xdx_41C_20200101__20201231_zjO52CmRiubh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">14.96%</td></tr> <tr id="xdx_41E_20210101__20211231_zAvo3rQ3br0i" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.56%</td></tr> <tr id="xdx_411_20220101__20221231_zQfcnmtsJDw" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-16.18%</td></tr> <tr id="xdx_416_20230101__20231231_zMMfCw1c8KK" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">12.64%</td></tr> <tr id="xdx_412_20240101__20241231_zrNSJ3aQUuI4" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">7.32%</td></tr> <tr id="xdx_41F_20250101__20251231_zJ5zFJhfq2c3" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">2.13%</td></tr> </table> <img alt="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)" src="jnlst485bpos032.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 22.08%; Worst Quarter (ended 3/31/2020): -24.93% 0.1604 -0.0570 0.2877 0.1452 0.2425 -0.1644 0.1233 0.0697 0.0183 Best Quarter 2020-06-30 0.2199 Worst Quarter 2020-03-31 -0.2502 -0.0545 0.2910 0.1496 0.2456 -0.1618 0.1264 0.0732 0.0213 Best Quarter 2020-06-30 0.2208 Worst Quarter 2020-03-31 -0.2493 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zKv7NYJ3xnO5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zIauZtjX74Al" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zjHCbfBWa1vk"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zQLWzly7fM5a"> </td> <td> </td> <td colspan="2" id="xdx_494_20160919__20251231_zVaw10jZzNFf" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 19, 2016)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000172890Member_zUmpsSze5kJg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager Mid Cap Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">1.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.90</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.80</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zmreTv9PENub" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.69</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapIndexMember_z2Zgq0E3jcRa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zqJjMNMnBIY2"> </td> <td> </td> <td id="xdx_495_20210101__20251231_z7atiuIDvxF6"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zyCYHS9tm2ga" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192221Member_z0cxsEhn2ep5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Multi-Manager Mid Cap Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">2.13</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.21</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.24</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zDLWiAKOsLs6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapIndexMember_zhqJZd1Cmj6b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2016-09-19 0.0183 0.0490 0.0880 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1469 0.1012 0.0891 0.1152 2017-09-25 0.0213 0.0521 0.0824 0.1721 0.1313 0.1416 0.1012 0.0891 0.1086 JNL Multi-Manager Select Equity Fund (formerly, JNL Multi-Manager U.S. Select Equity Fund) Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zzkSPA1F5Nsg"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zGyUf1HjoQg5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVsEp8FXAKLe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000239073Member_zJB4NBnOW0l5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zFIHAPQZ48p2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zEYWHl2Tg5V7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zLyBFV2ryRj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zxiiU0e2Tyva" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zXFvUmWgg3Fa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.01%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_ziDiHUqNurR8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.02%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zXfuG6LWbap1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000239074Member_zNbtScxwWCT" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zaBieRuIJwxg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcVFBFMVFbNk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zd3WRyKcXDN1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zh3I6LkWRf9k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zVqCkSsAX1h6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.71%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zdX9iLLoEIyh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.02%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zqBT9LLN3kxf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0052 0.0030 0.0016 0.0003 0.0101 -0.0002 0.0099 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 information has been restated to reflect current fees. 0.0052 0.0000 0.0016 0.0003 0.0071 -0.0002 0.0069 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: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zy2L0MO3kaU6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zV3t1RbeGVK8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Select Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zcToKKVNjSl2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zZmSzW4Vi32a" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zyplz6fdJm2e" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z2QQCnD3cYda" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000239073Member_zTk8nyCRiWX4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$320</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$556</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,234</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Select Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z1pmcWcP11jh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z8pfhiaXdIQj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zvZQuLT6zuHa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z7hesatlxt86" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000239074Member_zZ0oBNxie3ri" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$225</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$393</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$881</td></tr> </table> 101 320 556 1234 70 225 393 881 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_984_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000078310Member_ziqO6ufIJkhb" style="border-bottom: black 1pt solid; width: 16%; text-align: right">107</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.07 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 equity securities. A significant portion of the Fund’s assets are invested in publicly traded common stocks of U.S. companies. The Fund may invest in equity securities of foreign companies in both developed and emerging markets. The Fund may also invest in U.S. Treasury securities. The Fund is classified as “non-diversified,” which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. 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. 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. Three 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. The Fund (all sleeves collectively) may invest up to 15% of its net assets in illiquid investments that are assets. The Fund considers investments in private equity securities and hedge funds as illiquid investments. The Adviser may allocate up to 10% of the Fund’s total assets in other investment companies, which will primarily be in private funds or other pooled investment vehicles that would qualify as “investment companies” under the 1940 Act but for Sections 3(c)(1) or 3(c)(7) of the 1940 Act (“Private Funds”). 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. GQG Strategy GQG Partners LLC (“GQG”) constructs the GQG Strategy by investing primarily in equity securities of U.S. companies, including warrants and preferred stocks. The GQG Strategy may invest in initial public offerings (“IPOs”) and securities of companies with any market capitalization. GQG considers a company to be a U.S. company if: (i) at least 50% of the company’s assets are located in the U.S.; (ii) at least 50% of the company’s revenue is generated in the U.S.; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in the U.S.; (iv) the company’s securities are traded principally in the U.S.; or (v) GQG otherwise believes that the company’s assets are exposed to the economic fortunes and risks of the U.S. (because, for example, GQG believes that the company’s growth is dependent on the U.S.). In managing the GQG Strategy, GQG typically pursues a “growth style” of investing as it seeks to capture market inefficiencies which GQG believes are driven by investors’ propensity to be short-sighted and overly focused on quarter-to-quarter price movements rather than a company’s fundamentals over a longer time horizon (5 years or more). Specifically, GQG seeks to buy companies that it believes are reasonably priced and have strong fundamental business characteristics, such as modest leverage, strong rates of return on equity and sustainable earnings and/or cash flow growth. GQG seeks to outperform peers over a full market cycle by seeking to capture market upside while limiting downside risk. GQG may also purchase stocks that would not fall into the traditional “growth” style box. In constructing its portfolio of securities, GQG is not constrained by sector or industry weights in the portfolio’s benchmark and, at times, emphasize one or more particular industries or sectors in the portfolio construction process. GQG relies on individual stock selection driven by a bottom-up research process rather than seeking to add value based on “top-down”, macro based criteria. The GQG Strategy’s equity investments also may include sponsored and un-sponsored depositary receipts (including American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), and Global Depositary Receipts (“GDRs”)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies. River Road Strategy River Road Asset Management, LLC (“River Road”) constructs the River Road Strategy by investing primarily in equity securities of large-capitalization U.S. companies that River Road believes are undervalued. The River Road Strategy’s equity investments may include common stock, foreign securities (directly and through depositary receipts, including ADRs, EDRs, and GDRs), and real estate investment trusts (“REITs”). The River Road Strategy may also invest in common stock of companies of other market capitalizations (measured at the time of acquisition), and publicly traded partnerships, including, but not limited to, master limited partnerships. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the WCM Strategy by investing in equity securities of quality growth companies. WCM considers quality growth companies to have superior growth prospects, high returns on invested capital, and low or no debt. In constructing the WCM Strategy, WCM considers qualitative elements, such as corporate culture and the strength, quality, and trustworthiness of management. The WCM Strategy’s equity investments may include depositary receipts (including ADRs, EDRs, and GDRs). 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 equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zhRwZfZGEbbg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zoRJtHDwC6m2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zxM1gayOTnte"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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-Advisers’ 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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_zvH8yYVzYue9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zDAwPjnLcQU7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zInc9jg8Tcic"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z4ZwKyj21I3h"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zWsNJVhANRa6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zEomeil1Megg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInIposRiskMember_zgA63vipaqhg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zg22jD27BGf5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zTVuzmp6OqH4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z2J3YKgP9dpj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zLXrbJZmcQg2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--WarrantsRiskMember_zCTt4pPmDNO1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Warrants risk – If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. As a result, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_znN0cPGFxZX6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioTurnoverRiskMember_zdidsH9jjfFb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MasterLimitedPartnershipRiskMember_zkgwr9jVdZT6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Master limited partnership risk – An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities.</td></tr></table> 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. 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 October 21, 2024, the Fund was combined with the JNL/Baillie Gifford U.S. Equity Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zyGm8lAwDpDb"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zjZyGw7CV9bb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000239073Member_zCqRre6x6Yoh" style="font-weight: bold; text-align: left; width: 50%">33.1</td></tr> <tr id="xdx_41C_20230101__20231231_zRioMpik6Rp9" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">22.82%</td></tr> <tr id="xdx_418_20240101__20241231_zL5zmE527NKf" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">35.25%</td></tr> <tr id="xdx_41E_20250101__20251231_zVBrhUbdSI8j" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">16.02%</td></tr> </table> <img alt="PerformanceBarChartData(2023:22.82,2024:35.25,2025:16.02)" src="jnlst485bpos033.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2024): 19.67%; Worst Quarter (ended 9/30/2023): -3.34% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_dU_zBG4ezAkifna" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000239074Member_zVXui9W33Rt7" style="font-weight: bold; text-align: left; width: 50%">33.2</td></tr> <tr id="xdx_416_20230101__20231231_zJWMs3u2Eq9d" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">23.21%</td></tr> <tr id="xdx_412_20240101__20241231_zAzgResyHaKa" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">35.68%</td></tr> <tr id="xdx_41A_20250101__20251231_zCtfFfFpmThk" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">16.39%</td></tr> </table> <img alt="PerformanceBarChartData(2023:23.21,2024:35.68,2025:16.39)" src="jnlst485bpos034.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2024): 19.75%; Worst Quarter (ended 9/30/2023): -3.24% 0.2282 0.3525 0.1602 Best Quarter 2024-03-31 0.1967 Worst Quarter 2023-09-30 -0.0334 0.2321 0.3568 0.1639 Best Quarter 2024-03-31 0.1975 Worst Quarter 2023-09-30 -0.0324 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zXQle543dsI3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zTxKIhoxhWBj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zxBrt2t2YJwe"> </td> <td> </td> <td colspan="2" id="xdx_499_20221115__20251231_zy8qpAEhS1Xg" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (November 15, 2022)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000239073Member_zDTjMWaIbUE9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL Multi-Manager Select Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.02</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">22.42</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zGpwWfQWakg6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">21.02</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zAB5xP9yuvH5"> </td> <td> </td> <td colspan="2" id="xdx_499_20221115__20251231_zq9HvwlSVng3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (November 15, 2022)</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000239074Member_zgUUCVvjPwEc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL Multi-Manager Select Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.39</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">22.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zIwCgBdZrvM7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">21.02</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2022-11-15 0.1602 0.2242 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.2102 2022-11-15 0.1639 0.2283 0.1780 0.2102 JNL Multi-Manager Small Cap Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zsmBxn1NnS8f"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zhDBGRzJeaxl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z9IqQVsI5DYf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000004683Member_zUrmnQUvGw6a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zg2kojlL0OI9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.56%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zY0ooKez0TA2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zCBAOpBkrlZd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.11%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zW8F4KPQmsRc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zJV7jWBxvntl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.98%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000067991Member_zhieJc99YwTj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zgBYvVF1dSo2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.56%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKhvgAJGrAv1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z4Yw9Hh1revi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.11%</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zlcqySp8UwRc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zvZhUU7k2lw9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.68%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0056 0.0030 0.0011 0.0001 0.0098 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. 0.0056 0.0000 0.0011 0.0001 0.0068 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zP6CE4noRVz8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zUgx01pL04Ee" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Small Cap Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zRNjwKIQlX4k" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zooA6g3i9Uc6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTb5A7NrK4H5" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z0ZYcSQRnXN8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000004683Member_z1CGmGUBslvc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$100</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$312</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$542</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,201</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Small Cap Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zuF1BQlbe2vc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zslGMZhDJUi9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zEiWPgx1tRRl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z8yzmeeFy0X" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000067991Member_z2eKtDW4pq2h" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$69</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$218</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$379</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$847</td></tr> </table> 100 312 542 1201 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001776Member_zq1w6ICg0Qg9" style="border-bottom: black 1pt solid; width: 16%; text-align: right">78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.78 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 small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Growth Extended Index. As of December 31, 2025, the range of such companies in the Morningstar US Small Cap Broad Growth Extended Index was $129.23 million to $26.13 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. 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. Companies with similar characteristics may be grouped together in broad categories called sectors. 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. Six 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. GIM Strategy Granahan Investment Management, LLC (“GIM”) constructs the GIM Strategy by blending their Small Cap Focused Growth strategy and their Small Cap Select Strategy. GIM’s Small Cap Focused Growth strategy is grounded in the belief that superior long term returns are best achieved by focusing on smaller companies that are poised to grow at 15% or more, and using a strict methodology to own the stocks of these sustainable growth companies when risk/reward is attractive. Within this philosophy, GIM’s Small Cap Focused Growth strategy seeks to own companies with large open-ended opportunities, a favorable competitive landscape and products or services providing a significant value proposition to the customer. The Small Cap Select strategy takes a diversified approach to growth by seeking companies that can either sustain growth for an extended time, or materially accelerate their growth rate over the near to medium term. The strategy believes that this approach expands the investment opportunity set and mitigates risk. Baron Strategy BAMCO, Inc. (“BAMCO”) constructs the Baron Strategy, under normal circumstances, by investing primarily in equity securities of U.S. small-sized growth companies. BAMCO seeks to invest in businesses it believes have significant opportunities for growth, sustainable competitive advantages, exceptional management, and an attractive valuation. Although the strategy invests primarily in U.S. companies, it may also invest in securities of non-U.S. issuers that are not publicly traded in the U.S. and in Global Depository Receipts and European Depository Receipts. Kayne Anderson Rudnick Strategy Kayne Anderson Rudnick Investment Management, LLC (“KAR”) constructs the KAR Strategy by blending two of their unique strategies, Small Cap Growth and Small-Mid Cap Growth strategies. The Small Cap Growth strategy invests in common stocks of small market capitalization companies believed to possess sustainable competitive advantages at prices that KAR deems attractive. The Small Cap Growth strategy emphasizes companies determined by KAR to have a sustainable competitive advantage and the ability to grow over an extended period of time. Although the Small Cap Growth strategy invests primarily in U.S. companies, it may invest in foreign securities and ADRs. The Small-Mid Cap Growth strategy invests in common stocks of small and mid-market capitalization companies believed to possess sustainable competitive advantages at prices that KAR deems attractive. The Small-Mid Cap Growth strategy emphasizes companies determined by KAR to have a sustainable competitive advantage and the ability to grow over an extended period of time. Although the Small-Mid Cap Growth strategy invests primarily in U.S. companies, it may invest in foreign securities and ADRs. SBH Strategy Segall Bryant & Hamill, LLC (“SBH”) constructs the SBH Strategy by investing in small companies that SBH believes to have attractive growth prospects for earnings and/or cash flows. The SBH Strategy primarily invests in equity securities of companies whose stock is traded on U.S. markets, including depositary receipts or shares issued by companies incorporated outside of the United States (e.g., ADRs). SBH implements an investment strategy primarily through independent “bottom-up” fundamental research. SBH constructs a portfolio designed to generate alpha, or risk-adjusted excess return relative to the Russell 2000 Growth Index, primarily through stock selection. SBH uses a proprietary discounted cash flow (“DCF”) model for purposes of valuing and generating price targets for individual stocks. The DCF model is utilized for two primary purposes – to understand what assumptions are implied in a stock’s current price and to generate an expected value for each stock, based on SBH’s internally generated forecasts. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the WCM Strategy by investing principally in small-capitalization companies. The WCM Strategy primarily invests in equity securities of U.S. companies but may also invest any portion of its assets in REITs, foreign securities, including ADRs and GDRs. WCM employs both fundamental analysis and quantitative screening in seeking to identify companies that the investment team believes will produce significant, long-term excess return. WCM’s investment process seeks to examine four key governing components: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Corporate Performance – reviewing the operating history of the company, understanding of management’s skill set, the company’s core competency, the culture and their ability to evolve.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Systematic Effects – evaluating the macro factors affecting the business, their position in the market and looking to gain an understanding of the key drivers of the business.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sustainability – measuring how the company can protect its margins and continue to reinvest cash flows.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Intrinsic Value – determining the value of the company versus how the market values the company.</td></tr></table> Driehaus Strategy Driehaus Capital Management LLC (“Driehaus”) constructs the Driehaus Strategy by investing primarily in equity securities of U.S. small-capitalization companies exhibiting strong growth characteristics. Although the Driehaus Strategy will invest primarily in the equity securities of U.S. small-cap companies, it may also invest a portion of its assets in the equity securities of non-U.S. companies that trade in the U.S. (such as ADRs or substantially similar instruments that are based on foreign securities). Driehaus employs a growth style of investing for the Driehaus Strategy. For companies with operating histories, Driehaus evaluates a company’s revenue and earnings growth to determine whether it can materially exceed market expectations and whether the security is at an attractive entry point. The Driehaus Strategy may invest in companies with limited or no operating histories. 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 small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Growth Extended Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zNG07FUCRZwf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zwMvPsUXyNPh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zYPJSDQgVhRf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_ziSzZdxN0655"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zdyKGn3y6TZd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zx5RBaTUQxS1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zHLDoBMGARUc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zOeCu7u4DTof"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zTXvLownRqnf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_znacvnUOQET4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zC3RVyK4Be24"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.</td></tr></table> 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. Effective April 26, 2021, the Fund was combined with JNL/Vanguard Small Company Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zSkkli6uatTi"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZMCD9StvI4" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_487_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004683Member_zNlg8nNGKrTb" style="font-weight: bold; text-align: left; width: 50%">30</td></tr> <tr id="xdx_416_20160101__20161231_zFWZ4rL7HG9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.75%</td></tr> <tr id="xdx_41F_20170101__20171231_za9l3UBqI6Jb"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">27.24%</td></tr> <tr id="xdx_41D_20180101__20181231_zJ19RCqhWvSb"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.05%</td></tr> <tr id="xdx_411_20190101__20191231_z2yhinM7AL15"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">35.89%</td></tr> <tr id="xdx_418_20200101__20201231_zfgMcr1wrUDh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">46.43%</td></tr> <tr id="xdx_415_20210101__20211231_ztnzCmp6vOsh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">2.92%</td></tr> <tr id="xdx_41F_20220101__20221231_z9Nqe0oyxKm9"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-31.08%</td></tr> <tr id="xdx_41C_20230101__20231231_z66adzl5FKgb"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">16.32%</td></tr> <tr id="xdx_418_20240101__20241231_z4bZDdQa2PWl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.66%</td></tr> <tr id="xdx_41F_20250101__20251231_zn5f6hk73nIf"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.56%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.75,2017:27.24,2018:-2.05,2019:35.89,2020:46.43,2021:2.92,2022:-31.08,2023:16.32,2024:9.66,2025:3.56)" src="jnlst485bpos035.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 36.71%; Worst Quarter (ended 6/30/2022): -21.59% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zf9nSOZpPV5e" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067991Member_zxQTh5XPFGR4" style="font-weight: bold; text-align: left; width: 50%">31</td></tr> <tr id="xdx_416_20160101__20161231_zeYarkZY4CTf"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.95%</td></tr> <tr id="xdx_41E_20170101__20171231_z6LUb8FikA26"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">27.51%</td></tr> <tr id="xdx_41D_20180101__20181231_zN0LTnO7lgXf"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.77%</td></tr> <tr id="xdx_411_20190101__20191231_zomTERhXMaC7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">36.32%</td></tr> <tr id="xdx_418_20200101__20201231_zjyseuYUTUZ2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">46.87%</td></tr> <tr id="xdx_415_20210101__20211231_zUc5yQgBJoSb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">3.22%</td></tr> <tr id="xdx_41F_20220101__20221231_zJ06Gh028Fkd"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-30.88%</td></tr> <tr id="xdx_41C_20230101__20231231_zpupVLy764O3"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">16.68%</td></tr> <tr id="xdx_418_20240101__20241231_z5HAkEJup9g2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">10.01%</td></tr> <tr id="xdx_41A_20250101__20251231_zfk6zyc3Fuxc"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.87%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.95,2017:27.51,2018:-1.77,2019:36.32,2020:46.87,2021:3.22,2022:-30.88,2023:16.68,2024:10.01,2025:3.87)" src="jnlst485bpos036.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 36.86%; Worst Quarter (ended 6/30/2022): -21.52% 0.0575 0.2724 -0.0205 0.3589 0.4643 0.0292 -0.3108 0.1632 0.0966 0.0356 Best Quarter 2020-06-30 0.3671 Worst Quarter 2022-06-30 -0.2159 0.0595 0.2751 -0.0177 0.3632 0.4687 0.0322 -0.3088 0.1668 0.1001 0.0387 Best Quarter 2020-06-30 0.3686 Worst Quarter 2022-06-30 -0.2152 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zMjwarFSjv4l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zOfivMeOoI8c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zSCrpAhvc78l" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zThVQdZ62EE8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zMW9DipmWabl" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004683Member_zmydNcdYygSl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Small Cap Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.56</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-1.29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zj229lpDDvY7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadGrowthExtendedIndexMember_zQX6qUNUIZKc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zjugXFrnsDMd" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zjsMHRber4Yi" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zWJQNvA1yF33" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067991Member_zFUDOsGlr9Y2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Small Cap Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.87</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.71</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z9cU1NCXULBf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadGrowthExtendedIndexMember_zIoIBM9ZyUI2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0356 -0.0129 0.0941 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1312 0.0422 0.0992 0.0387 -0.0099 0.0971 0.1721 0.1313 0.1431 0.1312 0.0422 0.0992 JNL Multi-Manager Small Cap Value Fund Class A Class I Investment Objective. The investment objective of the Fund is 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zJRiQAcQYexe"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqFoK7xfR4J5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zBvg5iAZktee" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000004705Member_zZK31zRncyEb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zf3xAxTwMXPl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.66%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAdhdssFDxg2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zY0bxakI61e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zAxG8Cq5vbx1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.07%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000067994Member_z46EDiOBJd87" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zY8rp8GHGRme" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.66%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNq9t6XiN9Z3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z6C6GPTkjQcc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zGNALcKRNUuj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.77%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0066 0.0030 0.0011 0.0107 0.0066 0.0000 0.0011 0.0077 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLLaujPIGSZb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zHRJx8OmnPy7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Small Cap Value Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zOIvm9pB2Xie" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z0Shfd7rGEf7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zKXCAPVBGrui" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbQIB1twur6c" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000004705Member_zQxx2xWIe8Dk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$109</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$340</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$590</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,306</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Multi-Manager Small Cap Value Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zQSIljcI16z" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zJW7UqMHcfTh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDkXSj0jKjP6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zOMUYo1CowS" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000067994Member_zVx3wWU7nodc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$79</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$246</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$428</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$954</td></tr> </table> 109 340 590 1306 79 246 428 954 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_980_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001798Member_zXINI5O1ERMj" style="border-bottom: black 1pt solid; width: 16%; text-align: right">34</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.34 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 small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Value Extended Index. As of December 31, 2025, the range of such companies in the Morningstar U.S. Small Cap Broad Value Extended Index was $129.23 million to $19.28 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. 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. Five 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. Congress Strategy Congress Asset Management Company, LLP (“Congress”) constructs the Congress Strategy by investing in the common stocks of small capitalization (“small-cap”) companies. Congress generally constructs the strategy to consist of 70-110 companies. The Congress Strategy is predominantly focused on investing in companies domiciled within the United States. The strategy can invest in foreign securities, primarily through American Depositary Receipts (“ADRs”) and the equity securities of companies incorporated outside of the U.S. that are traded on U.S. exchanges. Investments in ADRs are generally less than 10%. The Congress Strategy focuses on opportunities that Congress believes have significant upside potential, emphasizing a combination of both valuation and earnings power. Congress employs a fundamental, bottom-up investment approach that includes both financial modeling and qualitative analysis. A stock may be sold, among other reasons, if Congress believes that the company’s cumulative valuation and earnings upside potential approaches fair value, better opportunities exist, the company experiences fundamental deterioration, or the market capitalization rises above a targeted range. Cooke & Bieler Strategy Cooke & Bieler, L.P. (“C&B”) constructs the C&B Small Cap Value Equity Strategy by investing in the common stocks of small capitalization (“small-cap”) companies. C&B manages a relatively focused portfolio of typically 40 to 60 companies that enables C&B to provide adequate diversification while allowing the portfolio to behave differently than the market. C&B selects securities for the strategy based on an analysis of a company’s financial characteristics and an assessment of the quality of a company’s management. WCM Strategy WCM Investment Management, LLC (“WCM”) constructs the WCM Strategy by investing in the common stocks of small capitalization (“small-cap”) companies that WCM believes are undervalued. WCM generally constructs the strategy to consist of 25-40 companies. WCM typically selects shareholder-friendly companies with a durable competitive advantage that are trading at a discount to intrinsic value. Characteristics of these companies include sustained, high returns on invested capital, consistent free cash flow generation, and impressive compounding of net book value over time. Reinhart Strategy Reinhart Partners, LLC (“Reinhart”) constructs the Reinhart Strategy by investing equity securities issued by small-capitalization (“small-cap”) companies. Reinhart may invest up to 20% of its net assets in securities of foreign issuers, real estate investment trusts (“REITs”) and securities of other investment companies, including exchange-traded funds (“ETFs”). Reinhart’s investment in other investment companies and ETFs will be within the limits of the Investment Company Act of 1940, as amended. Reinhart’s investments in foreign securities may include ADRs. River Road Strategy River Road Asset Management, LLC (“River Road”) constructs the River Road Strategy by investing primarily in equity securities of small capitalization companies that River Road believes are undervalued. The River Road Strategy may continue to hold securities of a portfolio company that subsequently drops below or appreciates above this capitalization threshold. The River Road Strategy may also invest in companies of other market capitalizations, REITs, BDC-RICs, convertible securities, and foreign stocks. 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 small-capitalization companies that, when purchased, have market capitalizations between the smallest company and 120% of the largest company in the Morningstar US Small Cap Broad Value Extended Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zbWUtDqq1Hs"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z0qZNlb13Rjb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zhrRZ7Yb4id"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zAzwnHfbyZ22"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zgxQKrUnqA39"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_z6B8MUdPffpi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zOWgnk6Nj8Tk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zRrRTgvbu2zl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_ziwbAgU9bLEb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zUMtVxL0Sbz8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentRiskMember_zzTTFajbsHx7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zxshbjNzZZp5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. Effective April 26, 2021, the Fund was combined with JNL/PPM America Small Cap Value Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8A_eoef--BarChartTableTextBlock_zharbCZv0qq1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zPHN4DLdWvM2" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004705Member_zob6v0Q6GiU3" style="font-weight: bold; text-align: left; width: 50%">32</td></tr> <tr id="xdx_416_20160101__20161231_zzSy8Ph2Kgc1"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">23.78%</td></tr> <tr id="xdx_41E_20170101__20171231_z5LFrDFbwEub"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">11.06%</td></tr> <tr id="xdx_41D_20180101__20181231_zM6pWzNwSe53"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.77%</td></tr> <tr id="xdx_411_20190101__20191231_zCsfESeGrXX4"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.26%</td></tr> <tr id="xdx_418_20200101__20201231_zSI6HcLqM6z7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.76%</td></tr> <tr id="xdx_415_20210101__20211231_zttUHEfQudu7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">22.99%</td></tr> <tr id="xdx_41F_20220101__20221231_z3XH76Oidadg"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-12.16%</td></tr> <tr id="xdx_41C_20230101__20231231_zm62vA3nVWkl"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">20.97%</td></tr> <tr id="xdx_418_20240101__20241231_z61P745MrCQk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.46%</td></tr> <tr id="xdx_41A_20250101__20251231_zTnQYUEmf7lf"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">2.69%</td></tr> </table> <img alt="PerformanceBarChartData(2016:23.78,2017:11.06,2018:-14.77,2019:25.26,2020:5.76,2021:22.99,2022:-12.16,2023:20.97,2024:9.46,2025:2.69)" src="jnlst485bpos037.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 28.30%; Worst Quarter (ended 3/31/2020): -34.79% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zb21SEALB5Yj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067994Member_zjnONjMrqPr9" style="font-weight: bold; text-align: left; width: 50%">33</td></tr> <tr id="xdx_415_20160101__20161231_zWv2gBGyBZlb"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">24.02%</td></tr> <tr id="xdx_41B_20170101__20171231_ziOWB50Llg1k"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">11.26%</td></tr> <tr id="xdx_414_20180101__20181231_zLnJ1gRUtS27"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.53%</td></tr> <tr id="xdx_414_20190101__20191231_zOEs6g4ojuCi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.68%</td></tr> <tr id="xdx_41C_20200101__20201231_zuaJUGtRGsh6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">6.09%</td></tr> <tr id="xdx_41E_20210101__20211231_zsVHIUJWOOj8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">23.35%</td></tr> <tr id="xdx_411_20220101__20221231_zUKtSlzS4qi6"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.93%</td></tr> <tr id="xdx_416_20230101__20231231_zdFBFBfGfXo4"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">21.37%</td></tr> <tr id="xdx_412_20240101__20241231_zPUJ0ysh5vai"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.80%</td></tr> <tr id="xdx_416_20250101__20251231_zM78l1nR52v4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.01%</td></tr> </table> <img alt="PerformanceBarChartData(2016:24.02,2017:11.26,2018:-14.53,2019:25.68,2020:6.09,2021:23.35,2022:-11.93,2023:21.37,2024:9.8,2025:3.01)" src="jnlst485bpos038.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 28.37%; Worst Quarter (ended 3/31/2020): -34.71% 0.2378 0.1106 -0.1477 0.2526 0.0576 0.2299 -0.1216 0.2097 0.0946 0.0269 Best Quarter 2020-12-31 0.2830 Worst Quarter 2020-03-31 -0.3479 0.2402 0.1126 -0.1453 0.2568 0.0609 0.2335 -0.1193 0.2137 0.0980 0.0301 Best Quarter 2020-12-31 0.2837 Worst Quarter 2020-03-31 -0.3471 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zw1NJYAmXtFg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z1K0dLm4PPL4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zKAMpLNW5Pq6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zJX695n9Wje5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zMfXnudHaHg" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004705Member_zuvBYtCvSj6b" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Small Cap Value Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.69</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zsqyR9NUCKhl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadValueExtendedIndexMember_zWXzl0lDXUSi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Value Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.48</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.32</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zqEZJfoCUOa6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zhavemkLgcXk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zvV3b123tcO6" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067994Member_zJU9a7Yfz0D" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Multi-Manager Small Cap Value Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.01</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.90</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zGSNwzAlTF03" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadValueExtendedIndexMember_zWstVUcRE0Kk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Value Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.48</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.32</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0269 0.0800 0.0859 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1048 0.1032 0.0950 0.0301 0.0832 0.0890 0.1721 0.1313 0.1431 0.1048 0.1032 0.0950 JNL Moderate ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z0Z0du4jfzUd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zW2w3igzAkS7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zofHHOO9djdg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000218214Member_z7jx14vrXvh7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zyvWrAu4ZwLf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.20%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0vFR8o8lrMe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zh2m1ucljpO6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_401_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zI46zphVGOMb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zyxF7JXk0l6c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000218215Member_zW4DaAEqgizh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zjLep4NPfh0d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.20%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zY8rd9v0sKFc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zaLolJh8QDje" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIA9J1bcLYh1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z6gaieVBDzd2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0020 0.0030 0.0015 0.0018 0.0083 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. 0.0020 0.0000 0.0015 0.0018 0.0053 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: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6PQe63ShM3d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJUVGwDJXDFg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zkrsP6qP4A84" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zNwwIf7x34Gb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z1qh9rDeA6ge" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zgi0SQOYTdZ6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218214Member_zuEJ6KCIhCz7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zpauPWjRrbA5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zAqoMKhmXZqb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z8HtTn39BV38" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zY5ww0quYJ56" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000218215Member_zzfPpwn0Bgfk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$170</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td></tr> </table> 85 265 460 1025 54 170 296 665 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_982_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068128Member_zAmCwPOddd0c" style="border-bottom: black 1pt solid; width: 16%; text-align: right">55</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.55 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds (“ETFs”). An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation (“Mellon”), the Fund’s sub-adviser (the “Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically to maintain the Fund’s tactical allocation ranges. Under normal market conditions, the Adviser allocates approximately 20% to 60% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 40% to 80% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. The Fund may invest, directly or through ETFs, in securities that have exposure to foreign currencies through their underlying investments, such as in companies that trade in or receive revenues in foreign currencies. The Fund may invest, directly or through ETFs, in illiquid or thinly traded securities. The Fund may invest, directly or through ETFs, in bank loans. The Fund may lend its securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds (“ETFs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zAubgfPIUDN3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsInvestingRiskMember_z82AksDJR4og"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zk5tQB8iJXnf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--UnderlyingFundsRiskMember_zkEMuzEkzRXc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zFhcihvIsbX3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zJppqR3lJgU5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Liquidity risk – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if an Underlying 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, an Underlying Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SettlementRiskMember_z9sMlwrB1eI8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zOafGs5AClc1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zBcVp76Wd1qe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_ziToxVXZXbXb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zipIDHQf3iJ5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zPoAb9uzpoIk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zAYv26gsF3yc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_ztf0BFLs63r4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zux8SO649WH4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWngHIk5L5K2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zo6KEI2BypA2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zoMB6wKBQk1f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> 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 additional indices that the Adviser believes more closely reflect 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. The performance data includes the performance of the JNL iShares Tactical Moderate Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. Consistent with the Fund’s principal investment strategies, the Fund uses the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices that the Adviser believes more closely reflect 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_z0JKgeI1h3Mh"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zH0GyWMy68z" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218214Member_zPODaq0LclTe" style="font-weight: bold; text-align: left; width: 50%">34</td></tr> <tr id="xdx_416_20160101__20161231_z4UqhNlaFhDi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.57%</td></tr> <tr id="xdx_41E_20170101__20171231_zk3FmE5OKSa5"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">11.45%</td></tr> <tr id="xdx_41D_20180101__20181231_zCt5Y5UVqnVb"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.35%</td></tr> <tr id="xdx_411_20190101__20191231_ztr33Cz5UgU9"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.38%</td></tr> <tr id="xdx_418_20200101__20201231_zmWFGrGXhjj4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.68%</td></tr> <tr id="xdx_415_20210101__20211231_zJnR3CG11DFb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">7.64%</td></tr> <tr id="xdx_41F_20220101__20221231_zcv6btra6zN4" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-13.15%</td></tr> <tr id="xdx_41C_20230101__20231231_zYQqF2InecXl"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.61%</td></tr> <tr id="xdx_418_20240101__20241231_zof2UqDOLXN8"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.79%</td></tr> <tr id="xdx_41D_20250101__20251231_z6MD7OOo4m09"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.18%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.57,2017:11.45,2018:-5.35,2019:14.38,2020:8.68,2021:7.64,2022:-13.15,2023:9.61,2024:6.79,2025:12.18)" src="jnlst485bpos039.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 9.47%; Worst Quarter (ended 3/31/2020): -10.25% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zBRBUzoQRjTa" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218215Member_zmkxeStIRlyc" style="font-weight: bold; text-align: left; width: 50%">35</td></tr> <tr id="xdx_414_20180101__20181231_zBIytfJFMlSl"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.05%</td></tr> <tr id="xdx_414_20190101__20191231_zE7edh4jjjQe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.74%</td></tr> <tr id="xdx_41C_20200101__20201231_zHrPxDVEDsBl" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.98%</td></tr> <tr id="xdx_41E_20210101__20211231_z66BIsx8yEAc" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">8.01%</td></tr> <tr id="xdx_411_20220101__20221231_zai01TjTLWuf" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-12.88%</td></tr> <tr id="xdx_416_20230101__20231231_zlMNIaZrttZ8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.87%</td></tr> <tr id="xdx_412_20240101__20241231_zo0KdXuruCBc"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">7.14%</td></tr> <tr id="xdx_416_20250101__20251231_zx5GHSTtHvg5"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.48%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.05,2019:14.74,2020:8.98,2021:8.01,2022:-12.88,2023:9.87,2024:7.14,2025:12.48)" src="jnlst485bpos040.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2020): 9.60%; Worst Quarter (ended 3/31/2020): -10.21% 0.0557 0.1145 -0.0535 0.1438 0.0868 0.0764 -0.1315 0.0961 0.0679 0.1218 Best Quarter 2020-06-30 0.0947 Worst Quarter 2020-03-31 -0.1025 -0.0505 0.1474 0.0898 0.0801 -0.1288 0.0987 0.0714 0.1248 Best Quarter 2020-06-30 0.0960 Worst Quarter 2020-03-31 -0.1021 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zafi4r6rkjm1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zWSsRsxwMkg8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z7BpqUezgbU8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zFPhhjU4ASAa" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zllHbKo89dhf" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218214Member_zUfOaHVQBOx3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL Moderate ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.18</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.18</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.44</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zjFCdhPzhjaf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zsf3ZtcXHJEi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_zVdzoZRXG2vi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zmPHDum0LMu" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zevE24TFxe03"> </td> <td> </td> <td id="xdx_495_20210101__20251231_z6vEBwQi7nY8"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zNGgPjJrJHVj" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218215Member_zH8YQzZr6wk7" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL Moderate ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">12.48</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.30</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zSsCATodJfhf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zxxqAut8mDik" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_z4citBBsmFIb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zhwDtlOtlmV8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1218 0.0418 0.0544 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.1287 0.0406 0.0610 0.1317 0.0426 0.0601 0.2223 0.1120 0.1170 2017-09-25 0.1248 0.0450 0.0530 0.0730 -0.0036 0.0172 0.1287 0.0406 0.0560 0.1317 0.0426 0.0564 0.2223 0.1120 0.1115 JNL Moderate Growth ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zuv4Jn4Nawzh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zCURME6AAi7g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zm1lFnte5rvc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000218217Member_zkX378YuYps3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z4HEG0GYMTnc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zXu4uWNEB0me" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zMAWYzg94P1j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_z58PcsQyrkuf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zcnc6j4sodA1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000218216Member_zMkoUDEWj4oi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zdzmvjnCno4k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zItFMPi9gdIj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zHW8WH2SzRgf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zr3YwjuhAhrj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z9UepY9mP5w5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0020 0.0030 0.0015 0.0018 0.0083 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. 0.0020 0.0000 0.0015 0.0018 0.0053 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlSNB1LdCWsi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z2VWImJNRE13" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Growth ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zAigge07xwF6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zD3DLjQVJPue" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z72alMGvUxB9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_znU3OvQRyGo9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218217Member_z8ssGCm8fsf5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Growth ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zcOVbmNVhbCk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zeJXCn82elog" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z2FXKcpAejD8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zVNCODXEo9dk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000218216Member_ziWT7dLf7B0e" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$170</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td></tr> </table> 85 265 460 1025 54 170 296 665 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.60 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds (“ETFs”). An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation (“Mellon”), the Fund’s sub-adviser (the “Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically to maintain the Fund’s tactical allocation ranges. Under normal market conditions, the Adviser allocates approximately 40% to 80% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 20% to 60% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. The Fund may invest, directly or through ETFs, in securities that have exposure to foreign currencies through their underlying investments, such as in companies that trade in or receive revenues in foreign currencies. The Fund may invest, directly or through ETFs, in illiquid or thinly traded securities. The Fund may invest, directly or through ETFs, in bank loans. The Fund may lend its securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of underlying exchange-traded funds (“ETFs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zu0cOQdrOfQ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsq5LeaxsxKd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Liquidity risk – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if an Underlying 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, an Underlying Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zVaFqbql4Hs7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zM8h9jerNqV9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> 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 additional indices 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. The performance data includes the performance of the JNL iShares Tactical Moderate Growth Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8A_eoef--BarChartTableTextBlock_z3VKyc3S2BE9"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zyZ23eU4UPOk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218217Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_zUrRzH7hOYa8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">7.04%</td></tr> <tr id="xdx_413_20170101__20171231_z5VB5sDGk6V4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">15.72%</td></tr> <tr id="xdx_41A_20180101__20181231_zJrAj7e7Slk6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-7.28%</td></tr> <tr id="xdx_419_20190101__20191231_zgeAqjMbmF0c"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.06%</td></tr> <tr id="xdx_41D_20200101__20201231_zfxH0zsrwWxi" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">11.15%</td></tr> <tr id="xdx_412_20210101__20211231_zw9nCb2vqVi5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.32%</td></tr> <tr id="xdx_418_20220101__20221231_zM2dOD2t1Ln" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-14.36%</td></tr> <tr id="xdx_414_20230101__20231231_zbw0k3u0lPP2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">11.77%</td></tr> <tr id="xdx_41D_20240101__20241231_zK3trE4okMdd"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.10%</td></tr> <tr id="xdx_417_20250101__20251231_z3FEjvooJVxk"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">14.60%</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.04,2017:15.72,2018:-7.28,2019:18.06,2020:11.15,2021:11.32,2022:-14.36,2023:11.77,2024:9.1,2025:14.6)" src="jnlst485bpos041.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 12.75%; Worst Quarter (ended 3/31/2020): -14.31% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_zMubnfCW1Z9" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218216Member_zO0rK2QobHe4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_zSzSNwF7TAz1"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-6.91%</td></tr> <tr id="xdx_419_20190101__20191231_zKLirQruRvYe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.45%</td></tr> <tr id="xdx_41D_20200101__20201231_zRiapMmuaX78" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">11.42%</td></tr> <tr id="xdx_412_20210101__20211231_ziUZfNW5VXsi" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.63%</td></tr> <tr id="xdx_418_20220101__20221231_z4K0CSj0Q489" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-14.09%</td></tr> <tr id="xdx_414_20230101__20231231_zIctRlifSTL1"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.08%</td></tr> <tr id="xdx_41D_20240101__20241231_zDmALVlpE9Il"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.37%</td></tr> <tr id="xdx_417_20250101__20251231_zSCpW67wiS87"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">15.01%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.91,2019:18.45,2020:11.42,2021:11.63,2022:-14.09,2023:12.08,2024:9.37,2025:15.01)" src="jnlst485bpos042.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 12.79%; Worst Quarter (ended 3/31/2020): -14.27% 0.0704 0.1572 -0.0728 0.1806 0.1115 0.1132 -0.1436 0.1177 0.0910 0.1460 Best Quarter 2020-06-30 0.1275 Worst Quarter 2020-03-31 -0.1431 -0.0691 0.1845 0.1142 0.1163 -0.1409 0.1208 0.0937 0.1501 Best Quarter 2020-06-30 0.1279 Worst Quarter 2020-03-31 -0.1427 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zrJssbk9sdSi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zNL4kHch5pQb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zmAF65V8vrHa" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zvrEMhpZVLib" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z3sY1jro91uk" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218217Member_zCF7G5nwYhH4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL Moderate Growth ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.60</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.90</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zVAk0XBidYSa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zD0o7QESkg41" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergGlobalAggregateIndexMember_zdx3FL7mKaTj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.95</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z4unaIa1u7Aa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zjq7dNcPDlId"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zBf59ZDbMYhd"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zNycyfQBNV01" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218216Member_zcsZ85dvDOJd" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL Moderate Growth ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">15.01</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">6.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">6.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zDvVIWErYmPj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zEJB2rP1y4I4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergGlobalAggregateIndexMember_zgiBevMgZ5i7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zt3fMA8mVQSl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1460 0.0590 0.0722 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1595 0.0595 0.0783 0.1616 0.0657 0.0795 0.0730 -0.0036 0.0201 2017-09-25 0.1501 0.0622 0.0693 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1616 0.0657 0.0753 0.0730 -0.0036 0.0172 JNL Growth ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zJPezzg42o1e"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zCBHBAODz59b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zJzhZkcJZvHd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000218218Member_zBt6Vczfqgvg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zGthmkbFCMh5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z3sNvl9e0fu6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zIDjhT04Xmp6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zA5GDegeYdHc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zy8auGXDh2D9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.85%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000218219Member_z1KhDK2JVpI8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z7xqatY5twm" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zavNxKQ54Jlf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_ztQXu7jMOLn6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_ztZfD7vRFHJa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zgZmgUc5rBI1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.55%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0020 0.0030 0.0015 0.0020 0.0085 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. 0.0020 0.0000 0.0015 0.0020 0.0055 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zjicvaWVGG0d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zcFBkZoeeEld" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Growth ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zdIQ8WAsHb75" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z1etyvzyqjdd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zAfyzf1W1Qe5" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zsnA2UuK8832" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000218218Member_zrazpBVAR6cj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$271</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$471</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,049</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Growth ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z2sH26nXQGM8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zYZCUEO0BNac" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z4PTvp5VuUyl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zfht3Xn4IoH3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000218219Member_z0j75iknNcd3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$176</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$307</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$689</td></tr> </table> 87 271 471 1049 56 176 307 689 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.70 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in underlying exchange-traded funds (“ETFs”). An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation (“Mellon”), the Fund’s sub-adviser (the “Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically to maintain the Fund’s tactical allocation ranges. Under normal market conditions, the Adviser allocates approximately 60% to 100% (with a target allocation of 80%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities, 0% to 40% (with a target allocation of 20%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives, and up to 15% (with a target allocation of 0%) of the Fund’s assets to Underlying ETFs that invest primarily in alternative assets and strategies. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. The Fund may invest, directly or through ETFs, in securities that have exposure to foreign currencies through their underlying investments, such as in companies that trade in or receive revenues in foreign currencies. The Fund may invest, directly or through ETFs, in illiquid or thinly traded securities. The Fund may invest, directly or through ETFs, in bank loans. The Fund may lend its securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in underlying exchange-traded funds (“ETFs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5IKR7kBXqs1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Liquidity risk – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if an Underlying 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, an Underlying Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zsuuuDA68aoc" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zBuez8kYfB3j" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> 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 additional indices 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. The performance data includes the performance of the JNL iShares Tactical Growth Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. Consistent with the Fund’s principal investment strategies, the Fund uses the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_z9K9DPTkaeG3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_zDzjyj5HOFG6" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218218Member_zyA33QgV0xz7" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20160101__20161231_zQlTw8rNmMga"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">8.48%</td></tr> <tr id="xdx_41F_20170101__20171231_zetr5j2yxbCd"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">19.35%</td></tr> <tr id="xdx_41D_20180101__20181231_zjVcvUFSA1Ug"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.12%</td></tr> <tr id="xdx_419_20190101__20191231_z2XfFopSsq9i"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.65%</td></tr> <tr id="xdx_41C_20200101__20201231_zcHUkNIlUYmi" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">12.28%</td></tr> <tr id="xdx_416_20210101__20211231_zY8qT04U3ouj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.04%</td></tr> <tr id="xdx_419_20220101__20221231_zKebQgOjYjQc" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-15.35%</td></tr> <tr id="xdx_413_20230101__20231231_zu4QOk05R9Lc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.01%</td></tr> <tr id="xdx_419_20240101__20241231_zTM5ipVgppg2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">11.26%</td></tr> <tr id="xdx_416_20250101__20251231_zaAcnHD3mGFk"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.64%</td></tr> </table> <img alt="PerformanceBarChartData(2016:8.48,2017:19.35,2018:-9.12,2019:21.65,2020:12.28,2021:15.04,2022:-15.35,2023:14.01,2024:11.26,2025:16.64)" src="jnlst485bpos043.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 15.87%; Worst Quarter (ended 3/31/2020): -19.06% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zyZ23eU4UPOx" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218219Member_zajDcc0NWxa3" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_416_20180101__20181231_z0Fv9Y9k4Qdf"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.85%</td></tr> <tr id="xdx_417_20190101__20191231_z8UB1oZdIm3k"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">22.02%</td></tr> <tr id="xdx_418_20200101__20201231_zzzBCyTUkeJf" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">12.60%</td></tr> <tr id="xdx_41E_20210101__20211231_z5S8L6rOpxwb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.43%</td></tr> <tr id="xdx_41D_20220101__20221231_zAvA9uZyvaM3" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-15.12%</td></tr> <tr id="xdx_41A_20230101__20231231_zottDlNqAMZ8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.35%</td></tr> <tr id="xdx_416_20240101__20241231_zMVRM72w5Yg7"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">11.63%</td></tr> <tr id="xdx_41D_20250101__20251231_zkYDZomxXNUe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.97%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-8.85,2019:22.02,2020:12.6,2021:15.43,2022:-15.12,2023:14.35,2024:11.63,2025:16.97)" src="jnlst485bpos044.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 15.98%; Worst Quarter (ended 3/31/2020): -19.01% 0.0848 0.1935 -0.0912 0.2165 0.1228 0.1504 -0.1535 0.1401 0.1126 0.1664 Best Quarter 2020-06-30 0.1587 Worst Quarter 2020-03-31 -0.1906 -0.0885 0.2202 0.1260 0.1543 -0.1512 0.1435 0.1163 0.1697 Best Quarter 2020-06-30 0.1598 Worst Quarter 2020-03-31 -0.1901 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zR55iVbxTsQ5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zIU9Y8XYUAwh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zI7k5WRQiTK6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z71dsOE1iwx2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zxS576WB9dZ8" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218218Member_zUw8HpZDQto8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL Growth ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.64</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.76</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z9YWxpOLwmb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zCiBfUBb7Hwl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zjoahSWDh6W1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zQT1iswLaObi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zyYF1rAbXAUe"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zhHDm3WQD9cb"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zIQ6rvubI7Id" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218219Member_zE3Nd7i61812" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL Growth ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.97</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zTdSnHLuQWhg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_za3GxxwTBME7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zHahBFqMWI4g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zQIqADgJCTJ7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1664 0.0758 0.0876 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1845 0.0794 0.0959 0.1918 0.0889 0.0985 0.0730 -0.0036 0.0201 2017-09-25 0.1697 0.0791 0.0837 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1918 0.0889 0.0937 0.0730 -0.0036 0.0172 JNL/American Funds Moderate Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek a balance between current income and 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zqfbE4tKH14h"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zM6PKb4B7nQ7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zDmNfzxjpD52" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000252141Member_z3t5NOpQLKJj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zRFY1P5F5BQf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zPzKBU1mIZj6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zFBFUIZ69uTd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zCe5UcHR7K8h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.32%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zF4AtPzDeEQ1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.97%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000252140Member_zDbMh0yGdSLb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zfxEJJYfjcxi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zVBljsOdXjF9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zaHqAIW7rFAl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zBmbrlCf0yBk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.32%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_ziZFYpceRp8j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0020 0.0030 0.0015 0.0032 0.0097 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. 0.0020 0.0000 0.0015 0.0032 0.0067 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zgG36N9ukwu5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zR62NkCMQipg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Moderate Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zXIWuUHag3Se" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zoUs9QfKU7h9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zdbAscO5asx9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_znYlQbkI3z5k" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000252141Member_zEyZHMmFl0Y1" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$309</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$536</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,190</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Moderate Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z6PSBMbBuHbb" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_ze0Cz69dk0w1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zbJKfrX1TSWh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zI0NWrmb4XW1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000252140Member_zEfcbNBuyXL3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> 99 309 536 1190 68 214 373 835 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.14 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are a part of either the American Funds Insurance Series® (“AFIS”) or the American Funds R6 mutual fund share class. Not all Funds of the American Funds are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 20%-60% of its assets to Underlying Funds that invest primarily in equity securities and 40%-80% of its assets to Underlying Funds that invest primarily fixed-income securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range. Within these asset classes, the Fund remains flexible with respect to the percentage it will allocate among Underlying Funds. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. Fund investments may include Underlying Funds that invest in foreign bonds denominated in currencies other than U.S. dollars as well as Underlying Funds that invest exclusively in bonds of U.S. issuers. The Underlying Funds may invest in a variety of sectors and credit qualities, including government bonds, inflation-linked bonds, investment grade corporate bonds, high yield corporate bonds (commonly referred to as “junk bonds”), mortgages, and emerging market debt. Some of the Underlying Funds may utilize a number of derivatives in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Equities Strategies, may hold a significant amount of small or mid-capitalization equities in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of junk bonds in order to execute their investment strategy. Under normal circumstances, the Fund allocates approximately 20%-60% of its assets to Underlying Funds that invest primarily in equity securities and 40%-80% of its assets to Underlying Funds that invest primarily fixed-income securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zazDPJR9oc3c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zfCkS3ORJMQi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_z3mg6f71wvk5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zdlXYLt6mne4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_znYMoA9z6t7l" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> 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 additional indices 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A82_eoef--BarChartTableTextBlock_zGLMxbtgybu7"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_zrv9lWUULKc" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252141Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_412_20250101__20251231_zNIFN8a2UCg9"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.14%</td></tr> </table> <img alt="PerformanceBarChartData(2025:13.14)" src="jnlst485bpos045.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.25%; Worst Quarter (ended 3/31/2025): 1.02% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_z6jIjYNpk8r" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_481_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252140Member_zcQTCfN1UwGf" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20250101__20251231_zRRVXY12MFd5"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.54%</td></tr> </table> <img alt="PerformanceBarChartData(2025:13.54)" src="jnlst485bpos046.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.34%; Worst Quarter (ended 3/31/2025): 1.12% 0.1314 Best Quarter 2025-06-30 0.0625 Worst Quarter 2025-03-31 0.0102 0.1354 Best Quarter 2025-06-30 0.0634 Worst Quarter 2025-03-31 0.0112 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zbsMTAr4Ftk9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zF5v3Gz9sZH6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zqRMsLSDbJg"> </td> <td> </td> <td colspan="2" id="xdx_494_20241021__20251231_zSIoSnpuGall" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (October 21, 2024)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252141Member_zWOjqpSQ8pH3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 80%">JNL/American Funds Moderate Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">13.14</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">9.19</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zp5Ff8UOWfo9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_z7PIYqX1xJAk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_zuG3WckEqe75" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.33</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z94s7iVzk6l3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zXxA7XWmYtrd"> </td> <td> </td> <td colspan="2" id="xdx_490_20241021__20251231_ztmCysGdnBHd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (October 21, 2024)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252140Member_zXJvgUsxcMGb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 80%">JNL/American Funds Moderate Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">13.54</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">9.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z89P25YmkBW9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zPBNwVyvfETj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_ztFrZWipbLeb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.33</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zjw313iCLc26" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2024-10-21 0.1314 0.0919 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0457 0.1287 0.0866 0.1317 0.0933 0.2223 0.1659 2024-10-21 0.1354 0.0952 0.0730 0.0457 0.1287 0.0866 0.1317 0.0933 0.2223 0.1659 JNL/American Funds Moderate Growth Allocation Fund Class A Class I Investment Objectives. The investment objective of the Fund is to seek a balance between current income and 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zOoqMtNQJoxd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z3XrcB2km7db"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zZVeFLhxlg3d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000111243Member_ztn2Ujv3ugVd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z1TSCUWwFw8a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z8yooly0Jlvb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zXqlbMSziv2k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zO5QS2g1LOWk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zZpiRAu5jI43" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.98%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000192212Member_zjkoHB799wy6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zMkRP8TF7DE3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zLCulSxiXiZ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z72oBBTg2ef5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zt5Cy6Y596V6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zE1mvjEH7MM2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.68%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0019 0.0030 0.0015 0.0034 0.0098 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. 0.0019 0.0000 0.0015 0.0034 0.0068 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: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmJqBzrJECQ2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zF9bcxrL4wFj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Moderate Growth Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zA3Vxa2wMrm5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zkLmqJTTs1Eg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zaFgCc2Yd9T9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zYdNCZxiBT89" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000111243Member_zRlsMvwnPNQa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$100</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$312</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$542</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,201</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Moderate Growth Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zF12S1kfvFj1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zNoVXLXFHp37" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTTHqNKRfDAi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zLwoB0ZVu2z" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000192212Member_zg1nuXFs3gOj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$69</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$218</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$379</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$847</td></tr> </table> 100 312 542 1201 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.16 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are a part of either the American Funds Insurance Series® (“AFIS”) or the American Funds R6 mutual fund share class. Not all Funds of the American Funds are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 40%-80% of its assets to Underlying Funds that invest primarily in equity securities and 20%-60% of its assets to Underlying Funds that invest primarily fixed-income securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range. Within these asset classes, the Fund remains flexible with respect to the percentage it will allocate among Underlying Funds. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. Fund investments may include Underlying Funds that invest in foreign bonds denominated in currencies other than U.S. dollars as well as Underlying Funds that invest exclusively in bonds of U.S. issuers. The Underlying Funds may invest in a variety of sectors and credit qualities, including government bonds, inflation-linked bonds, investment grade corporate bonds, high yield corporate bonds (commonly referred to as “junk bonds”), mortgages, and emerging market debt. Some of the Underlying Funds may utilize a number of derivatives in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Equities Strategies, may hold a significant amount of small or mid-capitalization equities in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of junk bonds in order to execute their investment strategy. Under normal circumstances, the Fund allocates approximately 40%-80% of its assets to Underlying Funds that invest primarily in equity securities and 20%-60% of its assets to Underlying Funds that invest primarily fixed-income securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zcVbdAmXE3Nj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsz5LeaxsxKd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zyvypBOqk0J8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. An Underlying 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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zRWvbnBM2KT7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zFAdavX2isBb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_z5Z7RLZNGUv8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> 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 additional indices 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_zhwTiO41deSj"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_z5amvRUN5fVb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000111243Member_z3mqhXdCfWvb" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_zFhcLQS7v5Pf"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">7.34%</td></tr> <tr id="xdx_41B_20170101__20171231_zGsQykCY7cO8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">15.70%</td></tr> <tr id="xdx_413_20180101__20181231_zUUnUkh6Ptkc"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.57%</td></tr> <tr id="xdx_410_20190101__20191231_z3Ho1L0oYKk3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.65%</td></tr> <tr id="xdx_411_20200101__20201231_zILi5oxru3W7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.32%</td></tr> <tr id="xdx_41A_20210101__20211231_zw13pDknlDJf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">9.96%</td></tr> <tr id="xdx_412_20220101__20221231_ze3q7dXmcqX9" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-17.24%</td></tr> <tr id="xdx_41D_20230101__20231231_zDtmEV7abZj2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.83%</td></tr> <tr id="xdx_41A_20240101__20241231_zCxkhNVdME3g"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.66%</td></tr> <tr id="xdx_415_20250101__20251231_zUDv5jbeKhce"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.29%</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.34,2017:15.7,2018:-4.57,2019:18.65,2020:17.32,2021:9.96,2022:-17.24,2023:13.83,2024:9.66,2025:16.29)" src="jnlst485bpos047.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.63%; Worst Quarter (ended 3/31/2020): -12.04% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_zqvdlf5Rn235" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192212Member_zZdgoGzBzSO" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20180101__20181231_zcAS8uPtmLCd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.29%</td></tr> <tr id="xdx_410_20190101__20191231_zfujLMKwApah"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.99%</td></tr> <tr id="xdx_413_20200101__20201231_z7rZd2eGKHlk" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.67%</td></tr> <tr id="xdx_41E_20210101__20211231_zbLQVyyOZIc7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">10.26%</td></tr> <tr id="xdx_413_20220101__20221231_zCyWMfAZJczh" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-16.98%</td></tr> <tr id="xdx_411_20230101__20231231_zId9j9GPuQY9"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.22%</td></tr> <tr id="xdx_416_20240101__20241231_zsPveEdYUgu1"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.96%</td></tr> <tr id="xdx_410_20250101__20251231_zxo2MUc0cxJb"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.63%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.29,2019:18.99,2020:17.67,2021:10.26,2022:-16.98,2023:14.22,2024:9.96,2025:16.63)" src="jnlst485bpos048.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.72%; Worst Quarter (ended 6/30/2022): -11.97% 0.0734 0.1570 -0.0457 0.1865 0.1732 0.0996 -0.1724 0.1383 0.0966 0.1629 Best Quarter 2020-06-30 0.1463 Worst Quarter 2020-03-31 -0.1204 -0.0429 0.1899 0.1767 0.1026 -0.1698 0.1422 0.0996 0.1663 Best Quarter 2020-06-30 0.1472 Worst Quarter 2022-06-30 -0.1197 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zphNib1VtqM5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zOaxvOo857ub" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zeTbQyZas6R9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zDMdOcTxvlcc" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zuB6CJd4O4y" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000111243Member_zId8aZywwMR6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/American Funds Moderate Growth Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.29</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.10</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zaUdTw9yj7n4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_z9k5TaGDQhjd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergGlobalAggregateIndexMember_zHOCAZgZ6EU5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.95</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zmDbqAOknbH8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zWqLaKZdnyQ5"> </td> <td> </td> <td id="xdx_493_20210101__20251231_ziiQK8GcgiP1"> </td> <td> </td> <td colspan="2" id="xdx_495_20170925__20251231_zyyBFIZxLoxk" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192212Member_zdwP1kG6rg8d" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL/American Funds Moderate Growth Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.63</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">6.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">7.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zHkQqHcttAXk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zgxHKOXPjMW3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergGlobalAggregateIndexMember_zbmDMW7TMXa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z6lvdV2c94f9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1629 0.0573 0.0810 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1595 0.0595 0.0783 0.1616 0.0657 0.0795 0.0730 -0.0036 0.0201 2017-09-25 0.1663 0.0604 0.0779 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1616 0.0657 0.0753 0.0730 -0.0036 0.0172 JNL/American Funds Growth Allocation Fund Class A Class I Investment Objectives. The investment objective of the Fund is to seek capital growth with secondary emphasis on 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. <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zB2nS5ezUlA"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zxZLzmXwJRDf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z0t3ggDsUBVg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000111244Member_zwav4yEuvKbd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zzda5zofv7O2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zvpQOIjCRdv4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zMNJdpxaBmTj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zDkJZz50hyP4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zV7APg1h9LAd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000192213Member_z5DVCIqYxXUj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zKpvLBHDuRe9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zwEj7Q2mQzQ8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zET8WmthagNi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zkfKrDDbXGol" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zdEFF1y7CfT1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0018 0.0030 0.0015 0.0036 0.0099 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. 0.0018 0.0000 0.0015 0.0036 0.0069 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: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4PuWSgnP0gj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zDHbRQa3FfW6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zaq065mn8Lwf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zCN916pYgvah" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zg4VETKFF6bk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zVdv6V5CEJUj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000111244Member_zSPxs96phJ96" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/American Funds Growth Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_znuEiB9dPUu3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z8auu7V43Pki" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zY5tZ1esicF7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zk2cYb0akf0l" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000192213Member_zqiwaEpbtpp5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> 101 315 547 1213 70 221 384 859 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.16 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are a part of either the American Funds Insurance Series® (“AFIS”) or the American Funds R6 mutual fund share class. Not all the American Funds are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 60%-100% of its assets to Underlying Funds that invest primarily in equity securities, 0%-40% of its assets to Underlying Funds that invest primarily fixed-income securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities. The equity and fixed-income allocation may fall outside of the above limits in a volatile market environment where investment outcomes are expected to remain beyond normal range. Within these asset classes, the Fund remains flexible with respect to the percentage it will allocate among Underlying Funds. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. Fund investments may include Underlying Funds that invest in foreign bonds denominated in currencies other than U.S. dollars as well as Underlying Funds that invest exclusively in bonds of U.S. issuers. The Underlying Funds may invest in a variety of sectors and credit qualities, including government bonds, inflation-linked bonds, investment grade corporate bonds, high yield corporate bonds (commonly referred to as “junk bonds”), mortgages, and emerging market debt. Some of the Underlying Funds may utilize a number of derivatives in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Equities Strategies, may hold a significant amount of small or mid-capitalization equities in order to execute their investment strategy. Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of junk bonds in order to execute their investment strategy. Under normal circumstances, the Fund allocates approximately 60%-100% of its assets to Underlying Funds that invest primarily in equity securities, 0%-40% of its assets to Underlying Funds that invest primarily fixed-income securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zBIrKxrugiGb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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.</td></tr></table> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationAndSmallCapitalizationInvestingRiskMember_zSJumMNKkkFi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. An Underlying 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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zFquLnc8yUFb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zKlr6kRap5Nl" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentInOtherInvestmentCompaniesRiskMember_zUIV7wpWnAce" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> 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 additional indices 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zLxETyi09nhg"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_z9k9zSI0Z0R1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000111244Member_zMgRjv7Q7ML7" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20160101__20161231_zguDV6xaOWC3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">7.46%</td></tr> <tr id="xdx_41B_20170101__20171231_zzJ9d24hzHt6"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">20.61%</td></tr> <tr id="xdx_419_20180101__20181231_zE1350wmfv1i"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.39%</td></tr> <tr id="xdx_41F_20190101__20191231_zTrsXwxHFePi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">23.37%</td></tr> <tr id="xdx_418_20200101__20201231_zpAdtrfCw518" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">20.04%</td></tr> <tr id="xdx_41C_20210101__20211231_zedUsyAT0Rkd" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">13.64%</td></tr> <tr id="xdx_416_20220101__20221231_zI80ViY5YQne" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-19.31%</td></tr> <tr id="xdx_413_20230101__20231231_zPoXIWDVIUw2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.25%</td></tr> <tr id="xdx_419_20240101__20241231_zctfwM6LE3Cc"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">12.80%</td></tr> <tr id="xdx_41F_20250101__20251231_zXRCk7lbsiQ1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.49%</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.46,2017:20.61,2018:-5.39,2019:23.37,2020:20.04,2021:13.64,2022:-19.31,2023:17.25,2024:12.8,2025:18.49)" src="jnlst485bpos049.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 17.93%; Worst Quarter (ended 3/31/2020): -15.74% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_zyL8rlFgWqK" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192213Member_z3wpMnJ5NB73" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20180101__20181231_zsBP83QxSpGh"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.08%</td></tr> <tr id="xdx_415_20190101__20191231_zReFgKd1d7fi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">23.71%</td></tr> <tr id="xdx_412_20200101__20201231_zgCDJKLEsKB5" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">20.42%</td></tr> <tr id="xdx_41F_20210101__20211231_zKFTGSBRITub" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">13.97%</td></tr> <tr id="xdx_41B_20220101__20221231_zgyqmePhqs3l" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-19.05%</td></tr> <tr id="xdx_413_20230101__20231231_zPZkOAlnhNc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.58%</td></tr> <tr id="xdx_412_20240101__20241231_z6jMxTurXK4e"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">13.12%</td></tr> <tr id="xdx_418_20250101__20251231_z1uHeZwJaH6b"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.46%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.08,2019:23.71,2020:20.42,2021:13.97,2022:-19.05,2023:17.58,2024:13.12,2025:18.86)" src="jnlst485bpos050.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.04%; Worst Quarter (ended 3/31/2020): -15.68% 0.0746 0.2061 -0.0539 0.2337 0.2004 0.1364 -0.1931 0.1725 0.1280 0.1849 Best Quarter 2020-06-30 0.1793 Worst Quarter 2020-03-31 -0.1574 -0.0508 0.2371 0.2042 0.1397 -0.1905 0.1758 0.1312 0.1846 Best Quarter 2020-06-30 0.1804 Worst Quarter 2020-03-31 -0.1568 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zBOI1ut5ANta"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zXdIXCMIb0qf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_ziW5tQe6Jal2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z7A5DsjCZrre" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zQqRPtWqbhC5" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000111244Member_zayWRpT9F3j4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/American Funds Growth Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">18.49</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.07</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zTBQodrg2Fz9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_z9PvV2xKhcD6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_znttpnkMOIV1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z3aizgwFTy6g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zRl1zbAwi8dl"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zQsC9zCcFywf"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zOgwSSC4d0dd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192213Member_zqyLBVLlQPt5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL/American Funds Growth Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">18.86</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">9.75</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zrHfcrCEKWqd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zHCosgYxAaFd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zKjNGrkoYLn9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zvuySFEgd5Vf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1849 0.0752 0.1007 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1845 0.0794 0.0959 0.1918 0.0889 0.0985 0.0730 -0.0036 0.0201 2017-09-25 0.1886 0.0784 0.0975 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1918 0.0889 0.0937 0.0730 -0.0036 0.0172 JNL/BlackRock Global Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is high total investment 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z7LxNQoP7kS1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zsNFPJ6lxTzb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000090917Member_zP3YjYpUFkQ7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zyTmExv5B854" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.58%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zSHh0zdAadMj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z3JCV0oYva6j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zWqpGuHOo6Oh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_ztA5d5otbdf5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.06%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000090918Member_zJxZYYDQ9tt" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z0oQfESjrRi3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.58%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zCzju7O8j0v4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z5opn2gek9jh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zTRVcbUuNkml" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zxgpgGlravS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0058 0.0030 0.0015 0.0003 0.0106 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. 0.0058 0.0000 0.0015 0.0003 0.0076 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3Hwfp05nwM1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zgqCGnlmzFC" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Global Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zm90zMLvl7u6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zwViDfyNvStk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zr4oWibwPeW4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbGMi2bI5Kx9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000090917Member_zlhk6n1iI4Wh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$108</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$337</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$585</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,294</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Global Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zYH9WFWmEiba" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zJa9yTTDrmCi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z0fQ0Tk0pxN6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zLt8pNTS6j55" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000090918Member_zifFlfzHkpP" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> 108 337 585 1294 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">135</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.35 Principal Investment Strategies. The Fund invests in a portfolio of equity, debt and money market securities. Generally, the Fund will invest in both equity and debt securities. For purposes of this Fund, equity securities include common stock, rights and warrants, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock. For purposes of this Fund, debt securities include, but are not limited to, U.S. and foreign government bonds, corporate bonds, convertible bonds, structured notes, credit-linked notes, mortgage- and asset-backed securities, loan assignments and loan participations, and securities issued by certain international organizations such as the World Bank. The Fund uses derivatives as a means of managing exposure to foreign currencies and other adverse market movements, as well as to increase returns. At any given time, the Fund may emphasize either debt securities or equity securities; however, over time the Fund’s portfolio of assets will tend to be relatively balanced between equity and debt securities and widely diversified among many individual investments. In selecting equity investments, the Fund mainly seeks securities that BlackRock Investment Management, LLC (“Sub-Adviser”) believes are undervalued. The Fund may buy debt securities with varying maturities. The Fund may invest up to 35% of its total assets in high yield or junk bonds, corporate loans and distressed securities. Junk bonds are fixed-income securities rated below investment-grade by independent rating agencies or are bonds that are unrated but that the Sub-Adviser believes are of comparable quality. The Fund may invest in corporate loans. When choosing investments, the Sub-Adviser considers various factors, including opportunities for equity or debt investments to increase in value, expected dividends and interest rates. The Fund generally seeks diversification across markets, industries and issuers as one of its strategies to reduce volatility. The Fund may invest in the securities of companies of any market capitalization. Market capitalization is the number of shares of a company’s stock, multiplied by the price per share of that stock. Market capitalization is a measure of a company’s size. Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world in both developed and emerging markets. The Fund may emphasize foreign securities when the Sub-Adviser expects these investments to outperform U.S. securities. When choosing investment markets, the Sub-Adviser considers various factors, including economic and political conditions, potential for economic growth and possible changes in currency exchange rates. In addition to investing in foreign securities, the Fund actively manages its exposure to foreign currencies through the use of forward currency contracts and other currency derivatives. From time to time, the Fund may own foreign cash equivalents or foreign bank deposits as part of the Fund’s investment strategy. The Fund will also invest in non-U.S. currencies, however, the Fund may underweight or overweight a currency based on the Sub-Adviser’s outlook. The Fund’s composite “Reference Benchmark” has at all times since the Fund’s formation included a 40% weighting in non-U.S. securities. The Reference Benchmark is an unmanaged weighted index comprised as follows: 36% of the Standard & Poor’s (“S&P”) 500 Index; 24% FTSE World (ex-U.S.) Index; 24% ICE BofA Current 5-Year US Treasury Index; and 16% FTSE Non-US Dollar World Government Bond Index. Throughout its history, the Fund has maintained a weighting in non-U.S. securities, often exceeding the 40% Reference Benchmark weighting and rarely falling below this allocation. Under normal circumstances, the Fund anticipates it will continue to allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Sub-Adviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers; (ii) issuers organized or located outside the U.S.; (iii) issuers which primarily trade in a market located outside the U.S.; or (iv) issuers doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. The Fund will allocate its assets among various regions and countries, including the United States (but in no less than three different countries). For temporary defensive purposes, when purchases or redemptions require, or during transitions, the Fund may deviate very substantially from the allocation described above. The Fund may use derivatives, including options, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase in the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. The Fund may invest in Real Estate Investment Trusts (“REITs”). The Fund may also seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments, such as structured notes, and other investment vehicles that exclusively invest in commodities, such as exchange-traded funds (“ETFs”). The Fund may invest up to 25% of its total assets in commodity-related instruments (which may include, among others, commodity options, futures, swaps on commodity futures, ETFs that invest in commodities, and commodity-linked structured notes) (collectively, “Commodities’”). Total investment return is the combination of capital appreciation and investment income. Under normal circumstances, the Fund anticipates it will continue to allocate a substantial amount (approximately 40% or more — unless market conditions are not deemed favorable by the Sub-Adviser, in which case the Fund would invest at least 30%) — of its total assets in securities of (i) foreign government issuers; (ii) issuers organized or located outside the U.S.; (iii) issuers which primarily trade in a market located outside the U.S.; or (iv) issuers doing a substantial amount of business outside the U.S., which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the U.S. or have at least 50% of their sales or assets outside the U.S. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations. 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. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Clearance and settlement risk – Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems. Commodities regulatory risk – Commodity-related operating companies typically are subject to significant foreign, federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. The U.S. Commodity Futures Trading Commission (“CFTC”) and the exchanges on which futures contracts and related options are traded are authorized to take extraordinary actions in the event of a market emergency, including, for example, establishing daily limits and suspending trading. In addition, compliance with certain CFTC requirements may increase the Fund’s expenses. Future regulatory developments may impact the Fund’s ability to invest in commodity-linked derivatives. Commodity risk – Commodity prices can be extremely volatile and may be directly or indirectly affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels). Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. Commodity-linked notes risk – Commodity-linked notes involve substantial risks, including the risk of loss of a significant portion of their principal value. In addition to commodity risk and derivatives risk, they may be subject to additional risks, such as risk of loss of interest and principal, lack of secondary market and risk of greater volatility, that do not affect traditional equity and debt securities. 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. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. 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. Custody risk – The Fund may invest in securities markets that are less developed than those in the U.S., which may expose the Fund to risks in the process of clearing and settling trades and the holding of securities by local banks, agents and depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries may limit a Fund’s ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. Custody risk is heightened in countries with less developed securities markets. 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. 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. European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Forward foreign currency exchange contracts risk – Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain. 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. 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. 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. 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). 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. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Pacific Rim investing risk – The Pacific Rim economies are in various stages of economic development. Many of the Pacific Rim economies may be intertwined, so they may experience recessions at the same time. Furthermore, many of the Pacific Rim economies are characterized by high inflation, undeveloped financial services sectors, heavy reliance on international trade, frequent currency fluctuations, devaluations, or restrictions, political and social instability, and less efficient markets. If the Fund concentrates investments in Pacific Rim markets, the Fund’s performance is expected to be closely tied to social, political, and economic conditions within the Pacific Rim region and to be more volatile than the performance of more geographically diversified funds. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. 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. Structured note risk – A Fund may invest in notes, sometimes called “structured notes,” linked to the performance of securities or commodities. Commodity-linked structured notes provide exposure, which may include long and/or short exposure, to the investment returns of “real assets” (i.e., assets that have tangible properties such as oil, gold and silver) that trade in the commodities markets without investing directly in physical commodities. The performance of these notes is determined by the price movement of the commodities underlying the note. These notes are subject to the credit risk of the issuing party and may be less liquid than other types of securities. This means that a Fund may lose money if the issuer of the note defaults and that a Fund may not be able to readily close out its investment in such notes without incurring losses. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. Tax risk – In order for a regulated investment company (“RIC”) to qualify as such under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code” or the “Code”), including certain of the series of registered investment companies that invest in the Fund, the RIC must derive at least 90% of its gross income each taxable year from “qualifying income,” which is described in more detail in the SAI. Income and gains from certain commodity-linked instruments do not constitute “qualifying income” to a RIC for purposes of the 90% gross income test. The tax treatment of some other commodity-linked instruments in which a Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a RIC. In general, for purposes of the 90% gross income requirement, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC. The Fund will therefore annually restrict its income from commodities and commodity-linked derivative instruments, such as commodity-linked swaps, and other assets that give rise to non-qualifying income to a maximum of 10% of the Fund’s gross income. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. Effective April 27, 2026, the Fund was combined with JNL/JPMorgan Global Allocation Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zEMfbZPM49vj"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A51_zsHe7Rl7tTA1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000090917Member_zx3WwVJx4Fjh" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20160101__20161231_znYKZUBoFop6"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">3.97%</td></tr> <tr id="xdx_41E_20170101__20171231_zIV0pQKcmLB2"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">13.83%</td></tr> <tr id="xdx_411_20180101__20181231_zMHRuJgiPgm8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-7.62%</td></tr> <tr id="xdx_418_20190101__20191231_zo4NKWzeuLu6"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">17.71%</td></tr> <tr id="xdx_41D_20200101__20201231_zmrWQx7YU0i9" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">18.94%</td></tr> <tr id="xdx_41B_20210101__20211231_zKoTPNNiBhwe" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">7.30%</td></tr> <tr id="xdx_414_20220101__20221231_zx5qTetbk4Gb" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-15.48%</td></tr> <tr id="xdx_410_20230101__20231231_zDtWwA7CeIn8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.95%</td></tr> <tr id="xdx_414_20240101__20241231_zWkeM76h6uR3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.38%</td></tr> <tr id="xdx_41F_20250101__20251231_zFT3tM4MSd38"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.76%</td></tr> </table> <img alt="PerformanceBarChartData(2016:3.97,2017:13.83,2018:-7.62,2019:17.71,2020:18.94,2021:7.3,2022:-15.48,2023:13.95,2024:9.38,2025:18.76)" src="jnlst485bpos051.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.48%; Worst Quarter (ended 3/31/2020): -12.65% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_zgE18XLStMpk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000090918Member_zHGUMk9MrKM1" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20160101__20161231_zhjpEUnJfmE1"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">4.14%</td></tr> <tr id="xdx_41E_20170101__20171231_zpTDlkm7BrQk"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">14.13%</td></tr> <tr id="xdx_416_20180101__20181231_zCtHgQiAvwSj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-7.33%</td></tr> <tr id="xdx_41A_20190101__20191231_zZK6dEfHK4Z6"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.08%</td></tr> <tr id="xdx_416_20200101__20201231_z24xKOYUgnQ3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">19.23%</td></tr> <tr id="xdx_413_20210101__20211231_zWd0QuGrIWLh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">7.63%</td></tr> <tr id="xdx_418_20220101__20221231_zpWzyLOvqu1j" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-15.27%</td></tr> <tr id="xdx_41C_20230101__20231231_zmfK5dPchb6c"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.35%</td></tr> <tr id="xdx_417_20240101__20241231_zeSN7HgcKVE2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.76%</td></tr> <tr id="xdx_419_20250101__20251231_zkwuKVjkfGC"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">19.08%</td></tr> </table> <img alt="PerformanceBarChartData(2016:4.14,2017:14.13,2018:-7.33,2019:18.08,2020:19.23,2021:7.63,2022:-15.27,2023:14.35,2024:9.76,2025:19.08)" src="jnlst485bpos052.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.56%; Worst Quarter (ended 3/31/2020): -12.65% 0.0397 0.1383 -0.0762 0.1771 0.1894 0.0730 -0.1548 0.1395 0.0938 0.1876 Best Quarter 2020-06-30 0.1448 Worst Quarter 2020-03-31 -0.1265 0.0414 0.1413 -0.0733 0.1808 0.1923 0.0763 -0.1527 0.1435 0.0976 0.1908 Best Quarter 2020-06-30 0.1456 Worst Quarter 2020-03-31 -0.1265 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zi6LoKSCM37b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zxy9jLQ9oQL7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zUgl4YX5m2k3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zyzBAarLTaSh" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z72Y0t0MXn1" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000090917Member_zzj9Nr0Xuzbg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Global Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">18.76</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.07</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsTargetMarketExposureIndexNetMember_zQt71C9nOk88" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ThirtySixPercentSAndP500Index24PercentFTSEWorldexUSIndex24PercentICEBofACurrent5YearUSTreasuryIndex16PercentFTSENonUSDollarWorldGovernmentBondIndexMember_z7SzulhlJTC6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.68</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zwDCwuefq7E2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FTSEWorldexUSIndexTRMember_zz3VYuo2UCHl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">35.82</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.14</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofACurrent5YearUSTreasuryIndexMember_zlyggw6IFNRk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.85</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.39</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FTSENonUSDollarWorldGovernmentBondIndexMember_zkyh02mPWlee" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-5.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zHsk4D7eyov" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zomk8UQ0zzh9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z3SDCJhjTNYd" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000090918Member_z80ZtkeW2mZb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Global Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">19.08</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.77</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsTargetMarketExposureIndexNetMember_zD4sSk2uqsvj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ThirtySixPercentSAndP500Index24PercentFTSEWorldexUSIndex24PercentICEBofACurrent5YearUSTreasuryIndex16PercentFTSENonUSDollarWorldGovernmentBondIndexMember_z8yQjyfiW9Ij" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">36% S&P 500 Index, 24% FTSE World (ex U.S.) Index, 24% ICE BofA Current 5-Year U.S. Treasury Index, 16% FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.68</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zKFuB7cvkfsf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FTSEWorldexUSIndexTRMember_zaYG4qxlpWn7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">FTSE World ex-U.S. Index TR (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">35.82</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.14</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofACurrent5YearUSTreasuryIndexMember_zl9LiBp4mBHd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">ICE BofA Current 5-Year U.S. Treasury Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.85</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.39</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FTSENonUSDollarWorldGovernmentBondIndexMember_zgjC8ccdO1Fj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">FTSE Non-U.S. Dollar World Government Bond Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-5.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1876 0.0607 0.0747 (reflects no deduction for fees, expenses, or taxes) 0.2113 0.1212 0.1211 0.1778 0.0668 0.0809 0.1788 0.1442 0.1482 0.3582 0.1014 0.0960 0.0685 -0.0033 0.0139 0.0847 -0.0521 -0.0016 0.1908 0.0639 0.0777 0.2113 0.1212 0.1211 0.1778 0.0668 0.0809 0.1788 0.1442 0.1482 0.3582 0.1014 0.0960 0.0685 -0.0033 0.0139 0.0847 -0.0521 -0.0016 JNL/BlackRock Global Natural Resources Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_z8FFGXcCxpz8"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zyatS0I6nzK5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_ztfj3H8zCRb9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000039480Member_ztFOjkr09xe3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zHKxfZWG7vFd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.54%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zXi7qVhUT6W9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zIsKEn5tWdnj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_ztTyEpteVor8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.00%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000067999Member_zPwHLzPoVW31" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zOhvqWqB4YMg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.54%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z5g2Yercjbxa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z90YqF8d5Gxc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zHmWMHvoomA1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0054 0.0030 0.0016 0.0100 0.0054 0.0000 0.0016 0.0070 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxgIUuAC23rc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zMRUUM7rcoI8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Global Natural Resources Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zZ3uYIJyvZ54" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zcwsRPKhu7c5" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z3AfClhD0hA3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zaR5N9CJ6Zm1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000039480Member_zXUosXOlk0Ll" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$102</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$318</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$552</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,225</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Global Natural Resources Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zZI2rDUKhUyc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zHwW0TZlFXL" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zPioiCCu6ex3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zBwhkuAyaFO2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000067999Member_zGYbTzQDBOwb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$224</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$390</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$871</td></tr> </table> 102 318 552 1225 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">94</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.94 Principal Investment Strategies. The Fund seeks to achieve its investment objective by investing primarily in equity securities of companies with substantial natural resource assets. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in companies with substantial natural resource assets or in securities the value of which is related to the market value of some natural resource assets. Equity securities include common stock, preferred stock, securities convertible into common stock, rights to subscribe for common stock, and derivative securities or instruments, such as options, the value of which is based on a common stock or group of common stocks. Generally, a company has substantial natural resource assets when at least 50% of the non-current assets, capitalization, gross revenues or operating profits of the company in the most recent or current fiscal year are involved in or result from (directly or indirectly through subsidiaries), oil, gas, exploring, mining, extracting, refining, processing, transporting, fabricating, dealing in or owning natural resource assets. Examples of natural resource assets include precious metals (e.g., gold, silver and platinum), ferrous and nonferrous metals (e.g., iron, aluminum and copper), strategic metals (e.g., uranium and titanium), water, hydrocarbons (e.g., coal, oil and natural gas), timber land, underdeveloped real property and agricultural products (e.g., fertilizers and agricultural chemicals). The Fund normally invests in a portfolio consisting of companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products. Under certain circumstances, however, the Fund will concentrate its investments in one or more of these sectors. Generally, the Fund may invest in the securities of corporate and governmental issuers located anywhere in the world in both developed and emerging markets (but in no fewer than three countries). In addition, the Fund will concentrate its investments in one or more issuers in the natural resources related industries. The Fund focuses on investments in companies that provide exposure to commodities where BlackRock International Limited, the Fund’s sub-adviser, sees attractive supply-and-demand dynamics. The Fund will normally invest in both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies. The Fund may invest in securities of issuers with any market capitalization. There are no geographic limits on the Fund’s investments. The Fund may use derivatives to hedge its investment portfolio against market, interest rate and currency risks or to seek to enhance its return. The derivatives that the Fund may use include indexed and inverse securities, options, futures, swaps and forward foreign exchange transactions. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in companies with substantial natural resource assets or in securities the value of which is related to the market value of some natural resource assets. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Natural resource related securities risk – Because the Fund invests in natural resource related securities, the Fund is subject to the risks associated with natural resource investments in addition to the general risk of the stock market. This means the Fund is more vulnerable to the price movements of natural resources and factors that particularly affect the oil, gas, mining, energy, chemicals, paper, steel or agriculture sectors than a fund that invests to a lesser extent in investments with exposure to these sectors. Because the Fund invests in companies with natural resource assets, there is the risk that the Fund will perform poorly during a downturn in natural resource prices. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. Commodity risk – Commodity prices can be extremely volatile and may be directly or indirectly affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels). 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. 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. 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. 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. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward foreign currency exchange contracts risk – Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain. 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. 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. 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). 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. 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. 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. 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. 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. Russia investment risk – During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia’s banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement Depository (“NSD”) in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. Effective April 27, 2020, the Fund was combined with JNL/VanEck International Gold Fund, a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_znnlco5IN4pc"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_zrO4BmSbaRWb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000039480Member_zLvJ7A622t5e" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_zJF0WsnE5Tg7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">26.52%</td></tr> <tr id="xdx_413_20170101__20171231_zp4H6q9OrDhj"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-2.90%</td></tr> <tr id="xdx_418_20180101__20181231_zguKPkM7hR32"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-17.27%</td></tr> <tr id="xdx_41E_20190101__20191231_z9bHvH1ipkQ"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.79%</td></tr> <tr id="xdx_41D_20200101__20201231_z0eVY9pTJgih" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.29%</td></tr> <tr id="xdx_415_20210101__20211231_zHkSVJwn01sj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.59%</td></tr> <tr id="xdx_411_20220101__20221231_ztpy2RcQ0Co6" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">17.66%</td></tr> <tr id="xdx_415_20230101__20231231_zjlLftr9r0Dg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-1.61%</td></tr> <tr id="xdx_41F_20240101__20241231_z9VWoMI79ce2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">-3.58%</td></tr> <tr id="xdx_419_20250101__20251231_zpmwUP4wnSGf"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">29.78%</td></tr> </table> <img alt="PerformanceBarChartData(2016:26.52,2017:-2.9,2018:-17.27,2019:14.79,2020:4.29,2021:30.59,2022:17.66,2023:-1.61,2024:-3.58,2025:29.78)" src="jnlst485bpos053.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 23.87%; Worst Quarter (ended 3/31/2020): -32.15% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_z6D2hXNsHtP5" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067999Member_zIO2ayq05Zaj" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20160101__20161231_z1jLAIxKijEf"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">26.82%</td></tr> <tr id="xdx_419_20170101__20171231_zJBj46vSfx12"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-2.67%</td></tr> <tr id="xdx_419_20180101__20181231_z0uPZIZyBPT"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-17.11%</td></tr> <tr id="xdx_41F_20190101__20191231_zcA8hgjY5ef6"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">15.08%</td></tr> <tr id="xdx_41D_20200101__20201231_zaychvv5HJng" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.61%</td></tr> <tr id="xdx_418_20210101__20211231_zHV4YK4MJte" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.86%</td></tr> <tr id="xdx_415_20220101__20221231_z0efprjHuVT7" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">18.17%</td></tr> <tr id="xdx_41C_20230101__20231231_zUa4DB9FszCc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-1.35%</td></tr> <tr id="xdx_417_20240101__20241231_z67ovSLCf2b9"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">-3.27%</td></tr> <tr id="xdx_41C_20250101__20251231_zMCeZNsc8eg4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">30.19%</td></tr> </table> <img alt="PerformanceBarChartData(2016:26.82,2017:-2.67,2018:-17.11,2019:15.08,2020:4.61,2021:30.86,2022:18.17,2023:-1.35,2024:-3.27,2025:30.19)" src="jnlst485bpos054.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 23.93%; Worst Quarter (ended 3/31/2020): -32.04% 0.2652 -0.0290 -0.1727 0.1479 0.0429 0.3059 0.1766 -0.0161 -0.0358 0.2978 Best Quarter 2020-06-30 0.2387 Worst Quarter 2020-03-31 -0.3215 0.2682 -0.0267 -0.1711 0.1508 0.0461 0.3086 0.1817 -0.0135 -0.0327 0.3019 Best Quarter 2020-06-30 0.2393 Worst Quarter 2020-03-31 -0.3204 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zM1NgjSWb1F9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zbf2A7361QV" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zOoS7ccQybYb" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z2wVfi8qJGB7" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z0mtAbO0oXLh" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000039480Member_z5uLtyIjns81" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Global Natural Resources Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">29.78</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.69</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zcZfY9ztCv01" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPGlobalNaturalResourcesIndexNetMember_zAM3C4nsQQag" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P Global Natural Resources Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">28.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z5vdi39t5cQf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zFhjtBS0PYJi" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zoPpltqdRbMa" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067999Member_zTqVx7bdlnGi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Global Natural Resources Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">30.19</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z4q3oygveRW4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPGlobalNaturalResourcesIndexNetMember_zw3cXztq7ROj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P Global Natural Resources Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">28.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2978 0.1360 0.0869 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.2886 0.1061 0.1038 0.3019 0.1395 0.0900 0.2223 0.1120 0.1170 0.2886 0.1061 0.1038 JNL/BlackRock Large Cap Select Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zS4KFrkUXTli"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zmVz2RPkcRMh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zfuJNPF3K7O8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000004653Member_ze8xkJjd0ew6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zq382hkM1t17" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zcPqMaZarFX7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z4yrqOl3rHe3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zpLKlJBsWnxc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.86%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zMAI5DQ9HIrl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.03%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp0_z0vE7L5aS715" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.03% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000067984Member_zRHwr4vqft57" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zs5qHz3qoFTd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zzdpik8at4J9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zEgp2tgrPcii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zKkeQNbOND2l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zFwnY5YN8rX7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.03%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp0_zrdZLEoVtCm1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.03% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0046 0.0030 0.0010 0.0086 0.0003 0.0083 0.0046 0.0000 0.0010 0.0056 0.0003 0.0053 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: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zA4rJg57aDH1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zkDhqIPaVp0d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Large Cap Select Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zKzL20F9rNXa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_ztHZ0sXHIBg2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z21GxvKObNB4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zsa5uaCfi1H5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000004653Member_z8YuUGP9kd4e" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$271</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$474</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,058</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/BlackRock Large Cap Select Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z3aO9124aMo4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zcT5BJOvxQ2b" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zwpe1Ypsyq55" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zspxHZoDyxj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000067984Member_zUxt3eBLYeK4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$176</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$310</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$699</td></tr> </table> 85 271 474 1058 54 176 310 699 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">63</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.63 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 equity securities of U.S. large capitalization companies. The Fund defines large capitalization companies as those with a market capitalization of at least $2.0 billion at the time of investment. In addition, up to 20% of the Fund’s net assets may be invested in foreign equity securities. Investments in equity securities include common stock and preferred stock, convertible securities, as well as American Depositary Receipts (“ADRs”). The Fund may, but is not required to, use exchange-traded or over-the-counter derivative instruments for risk management purposes or as part of the Fund’s investment strategies. The derivatives in which the Fund may invest include futures and forward currency agreements and may also be used to hedge against a specific currency. In addition, futures on indices may be used for investment (non-hedging) purposes to seek to earn income; to enhance returns; to replace more traditional direct investments; or to obtain exposure to certain markets. In selecting securities, the BlackRock Investment Management, LLC (“Sub-Adviser”) seeks to invest in companies that possess dominant market positions or franchises, a major technological edge, or a unique competitive advantage. To this end, the Sub-Adviser considers earnings revision trends, expected earnings growth rates, sales acceleration, price earnings multiples and positive stock price momentum, when selecting securities. The Sub-Adviser expects that these companies can sustain an above average return on invested capital at a higher level and over a longer period of time than is reflected in the current market prices. In deciding whether an investment is tied to the U.S., the Sub-Adviser considers a number of factors including whether the investment is issued or guaranteed by the U.S. government or any of its agencies; the investment has its primary trading market in the U.S.; the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in, the U.S.; the investment is included in an index representative of the U.S.; or the investment is exposed to the economic fortunes and risks of the U.S. For temporary defensive purposes during unusual economic or market conditions or for liquidity purposes, the Fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations. When the Fund engages in such activities, it may not achieve its investment objective. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors, including but not limited to the consumer discretionary sector and the healthcare sector. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. large capitalization companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. 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. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. 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. 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. 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. 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. 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). 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. 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. Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights. 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. 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. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zZEExL8DzJa1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_zXE0V5F2LLKb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004653Member_zfxL2HZ6Bf19" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20160101__20161231_zBUT3lq6G2Jg"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.45%</td></tr> <tr id="xdx_419_20170101__20171231_zyTy47uyf6b"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">33.58%</td></tr> <tr id="xdx_41F_20180101__20181231_zWUKPo5gb3Ei"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.91%</td></tr> <tr id="xdx_417_20190101__20191231_zl2xaHtmrCCa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">32.30%</td></tr> <tr id="xdx_418_20200101__20201231_zvQbeacyBfW3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">38.43%</td></tr> <tr id="xdx_413_20210101__20211231_zjmUFTgkVIAh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">20.45%</td></tr> <tr id="xdx_41F_20220101__20221231_zDlEpXtfvduc" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-37.88%</td></tr> <tr id="xdx_415_20230101__20231231_zdSEfHK6g8t"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">49.68%</td></tr> <tr id="xdx_417_20240101__20241231_zaYcP2Yjuc5g"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">31.48%</td></tr> <tr id="xdx_417_20250101__20251231_zfA7e2RxRZw6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">11.41%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.45,2017:33.58,2018:1.91,2019:32.3,2020:38.43,2021:20.45,2022:-37.88,2023:49.68,2024:31.48,2025:11.41)" src="jnlst485bpos055.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.71%; Worst Quarter (ended 6/30/2022): -23.18% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_zfMaILNYMTY2" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067984Member_zXpcMSPzPQR9" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41D_20160101__20161231_z5EUoXACprfh"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.64%</td></tr> <tr id="xdx_41F_20170101__20171231_zAbi7n4VN214"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">33.91%</td></tr> <tr id="xdx_41B_20180101__20181231_zI0bt6Grt0m9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">2.19%</td></tr> <tr id="xdx_410_20190101__20191231_zHZkwsFUtEDe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">32.73%</td></tr> <tr id="xdx_41E_20200101__20201231_z3DjVokJlz1c" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">38.85%</td></tr> <tr id="xdx_419_20210101__20211231_zpMcAYi1OaH5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">20.80%</td></tr> <tr id="xdx_410_20220101__20221231_zFAy5FLfwYb8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-37.69%</td></tr> <tr id="xdx_41C_20230101__20231231_zKXkC4NBT9Ik"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">50.11%</td></tr> <tr id="xdx_41F_20240101__20241231_z7LaDfcnXWk3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">31.88%</td></tr> <tr id="xdx_417_20250101__20251231_zacGyZhVeYwj"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">11.74%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.64,2017:33.91,2018:2.19,2019:32.73,2020:38.85,2021:20.8,2022:-37.69,2023:50.11,2024:31.88,2025:11.74)" src="jnlst485bpos056.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.80%; Worst Quarter (ended 6/30/2022): -23.13% 0.0045 0.3358 0.0191 0.3230 0.3843 0.2045 -0.3788 0.4968 0.3148 0.1141 Best Quarter 2020-06-30 0.2871 Worst Quarter 2022-06-30 -0.2318 0.0064 0.3391 0.0219 0.3273 0.3885 0.2080 -0.3769 0.5011 0.3188 0.1174 Best Quarter 2020-06-30 0.2880 Worst Quarter 2022-06-30 -0.2313 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zjGTIviwm0Gi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMWsIB1vL8Bk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z8PcTfXgtCie" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zKMfF7NtIrWl" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zTloBwpQ7zi4" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004653Member_zbVypp4Ze3F4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Large Cap Select Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.18</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zsZiuW8yeB26" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zAjmij58sgY9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zlcouZQbDA31" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zrNy2rHxwrR2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zTLYFVRhHzW2" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067984Member_z3gyLASnIP6i" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/BlackRock Large Cap Select Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.74</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.74</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.51</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zNKbZczRI4Af" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zAD4nGMkQqY5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1141 0.1041 0.1518 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1667 0.1344 0.1649 0.1174 0.1074 0.1551 0.1780 0.1388 0.1477 0.1667 0.1344 0.1649 JNL/Causeway International Value Select Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital and income through investment primarily in larger capitalization equity securities. 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. <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zlwnFrWOYmy5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zXDp3AttS9p5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zhTVGrnAOD2l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000004631Member_zt6jDnLJ2VY5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zx77RfCkD6Jb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zRRUP6JRnuyd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zhagSoIAwb6a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zzJnUH0PETMe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.96%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000067965Member_zaPHk0knh919" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zm7Nl4RdkoDd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zoezgTndqWz" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zzyxJLEnDs44" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zlE5URP7Soce" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.66%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0051 0.0030 0.0015 0.0096 0.0051 0.0000 0.0015 0.0066 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zDEMsM4RsRcd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zSOiEYDP7mX7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Causeway International Value Select Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zuqg4ZPvRS22" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zSZPzBZ1aeA" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zprC2k4t8ph1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zc33OqoaZ9e4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000004631Member_z1lnqCxtOdb3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$98</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$306</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$531</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,178</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Causeway International Value Select Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zTq7YNDGnT2c" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zKOppGET6nO" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zO6Nq1BNeQVb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z1kUsRsK0Qqb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000067965Member_zJvSlbVgXe89" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$211</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$822</td></tr> </table> 98 306 531 1178 67 211 368 822 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">45</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.45 Principal Investment Strategies. The Fund invests primarily in common stocks of companies in developed countries outside the U.S. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of companies in a number of foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. The Fund may invest up to 15% of its total assets in companies in emerging (less developed) markets. When investing the Fund’s assets, Causeway Capital Management LLC (“Sub-Adviser”) follows a value style, performing fundamental research supplemented by quantitative analysis. Beginning with a universe of all publicly listed companies throughout the non-U.S. developed and emerging markets, the Sub-Adviser applies market capitalization and liquidity thresholds to reduce investment candidates to approximately 2,000 equity securities. The Sub-Adviser uses quantitative valuation screens to further narrow the potential investment candidates. The Sub-Adviser then performs fundamental research, which generally includes company-specific research, company visits, and interviews of suppliers, customers, competitors, industry analysts, and experts. The Sub-Adviser also applies a proprietary quantitative risk model to adjust return forecasts based on risk assessments. This process results in risk-adjusted return forecasts for a closely followed group of potential investment candidates. Using a value style means that the Sub-Adviser buys stocks that it believes have lower prices than their true worth. For example, stocks may be “undervalued” because the issuing companies are in industries that are currently out of favor with investors. However, even in those industries, certain companies may have high rates of growth of earnings and be financially sound. The Sub-Adviser considers whether a company has each of the following value characteristics in purchasing or selling securities for the Fund: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Low price-to-earnings ratio (stock price divided by earnings per share) relative to the sector;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>High yield (percentage rate of return paid on a stock in dividends and share repurchases) relative to the market;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Low price-to-book value ratio (stock price divided by book value per share) relative to the market;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Low price-to-cash flow ratio (stock price divided by net income plus noncash charges per share) relative to the market; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Financial strength.</td></tr></table> Generally, price-to-earnings and yield are the most important factors. The Fund generally invests in companies with market capitalizations greater than $5 billion at time of investment, but may invest in companies with any market capitalization. There are no limitations on the minimum amount or maximum amount that the Fund may invest in any particular country. The Sub-Adviser determines a company’s country by referring to: its stock exchange listing; where it is registered, organized or incorporated; where its headquarters are located; its Morningstar country classification; where it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed; or where at least 50% of its assets are located. These categories are designed to identify investments that are tied economically to, and subject to the risks of, investing outside the U.S. The Fund considers a country to be an emerging market if the country is included in the Morningstar Emerging Markets Index. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of companies in a number of foreign countries and invests the majority of its total assets in companies that pay dividends or repurchase their shares. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). Dividend-paying stock risk – Dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. The prices of dividend-paying stocks may decline as interest rates increase. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by an account reduce or stop paying dividends, the account’s ability to generate income may be adversely affected. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor’s historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security’s value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model. Clearance and settlement risk – Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems. 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. 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zbaejEHeB8Rj"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_zI4UioGQtjX9" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004631Member_zNZjf9X8tNgj" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_z33EK4UQCCI2"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.01%</td></tr> <tr id="xdx_41F_20170101__20171231_zpHhNb2VHEB4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">28.47%</td></tr> <tr id="xdx_41F_20180101__20181231_zlm8u0vG8F08"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-17.51%</td></tr> <tr id="xdx_413_20190101__20191231_zBgIxsJRg9A4"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.97%</td></tr> <tr id="xdx_418_20200101__20201231_zZLGwqM4tE0k" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.89%</td></tr> <tr id="xdx_41F_20210101__20211231_zE7MNUJiD5E3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">8.50%</td></tr> <tr id="xdx_410_20220101__20221231_zLwyyZ7ip7M8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-7.05%</td></tr> <tr id="xdx_417_20230101__20231231_zNMH2drMbcr6"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">28.35%</td></tr> <tr id="xdx_41B_20240101__20241231_zEs7RgxeHqLj"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.49%</td></tr> <tr id="xdx_411_20250101__20251231_zbQrDZmb2uhi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">43.10%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.01,2017:28.47,2018:-17.51,2019:18.97,2020:5.89,2021:8.5,2022:-7.05,2023:28.35,2024:4.49,2025:43.1)" src="jnlst485bpos057.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 26.84%; Worst Quarter (ended 3/31/2020): -31.51% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_zpJCYtM1y0Cj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067965Member_zFNr76rPawZi" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41B_20160101__20161231_zSUEf0bBToo"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.12%</td></tr> <tr id="xdx_414_20170101__20171231_zARpis7idNXd"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">28.84%</td></tr> <tr id="xdx_41C_20180101__20181231_zwqsc1aVNg91"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-17.26%</td></tr> <tr id="xdx_412_20190101__20191231_zlyO3izBVK3b"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">19.30%</td></tr> <tr id="xdx_414_20200101__20201231_zvhNUXBKnemb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">6.23%</td></tr> <tr id="xdx_418_20210101__20211231_zNIB6tegqzMe" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">8.76%</td></tr> <tr id="xdx_411_20220101__20221231_z9Ehy3Z70WG5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-6.74%</td></tr> <tr id="xdx_41C_20230101__20231231_zBDmhWwcNmHl"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">28.79%</td></tr> <tr id="xdx_41C_20240101__20241231_z9R8FF854jug"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.82%</td></tr> <tr id="xdx_416_20250101__20251231_z0jkSKyohC8e"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">43.44%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.12,2017:28.84,2018:-17.26,2019:19.3,2020:6.23,2021:8.76,2022:-6.74,2023:28.79,2024:4.82,2025:43.44)" src="jnlst485bpos058.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 26.96%; Worst Quarter (ended 3/31/2020): -31.50% 0.0001 0.2847 -0.1751 0.1897 0.0589 0.0850 -0.0705 0.2835 0.0449 0.4310 Best Quarter 2020-12-31 0.2684 Worst Quarter 2020-03-31 -0.3151 0.0012 0.2884 -0.1726 0.1930 0.0623 0.0876 -0.0674 0.2879 0.0482 0.4344 Best Quarter 2020-12-31 0.2696 Worst Quarter 2020-03-31 -0.3150 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_z24riuKNQVj7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zJ2vBwnPJfb1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zwSlb8H1Bg4f" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zNA6TqShTKY4" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zr13U8XmYr3" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004631Member_zMasaoDKJpw6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Causeway International Value Select Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">43.10</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.12</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.96</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zHDfLxYQMgwa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsExNorthAmericaValueTargetMarketExposureIndexNetMember_zgZGqmx9ZC75" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Value Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">41.10</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zBsHuJdInWI6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zW0wZhP1ZLBe" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z4uSUAGyEyM" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067965Member_z74xZHUXbSKl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Causeway International Value Select Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">43.44</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.46</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.26</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_z2QmMkILO5Zc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsExNorthAmericaValueTargetMarketExposureIndexNetMember_zbM2dJgjGL8k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Value Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">41.10</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.4310 0.1412 0.0996 (reflects no deduction for fees, expenses, or taxes) 0.3161 0.0900 0.0827 0.4110 0.1323 0.0873 0.4344 0.1446 0.1026 0.3161 0.0900 0.0827 0.4110 0.1323 0.0873 JNL/Cohen & Steers U.S. Realty Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek total return through investment in real estate securities. 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_znTKzvkavZpf"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zyEwYtafPTV3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zNlM3uNIpTS9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000202639Member_zdwZjYtR4nF9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zLv0nVtOFgx8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zcjDRTgHrAb2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z59OnlxXabt1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zylnqHfFNSq5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.04%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000202640Member_zAKsL3CB04uj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zRyOmizeu6fa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zMBa8hePT2Yf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zkIYH0VBTNP4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z3f07CI1C0hl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.74%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0056 0.0030 0.0018 0.0104 Expense information has been restated to reflect current fees. 0.0056 0.0000 0.0018 0.0074 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSwzdYAReLli"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z1z3JL0DteDb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Cohen & Steers U.S. Realty Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zyOSFsemNLN4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zSvGLXNv4Wrd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zGPbJsdVfau7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z9ED6tDiOAkd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000202639Member_zh5mKlG70Znk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$106</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$331</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$574</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,271</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Cohen & Steers U.S. Realty Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zoEJ40WDo3t8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zUGK0lRjxrQ2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zcu8fo7uINV3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zldQE6VXSasj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000202640Member_zAUookq3FvV9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$76</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$237</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$411</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$918</td></tr> </table> 106 331 574 1271 76 237 411 918 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">40</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.40 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities issued by real estate companies operating in the United States, including real estate investment trusts (“REITs”). Real estate equity securities include common stocks, preferred stocks, other equity securities issued by real estate companies, including REITs and similar REIT-like entities. A real estate company is one that (i) derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land; or (ii) has at least 50% of its assets invested in real estate. REITs are companies that own interests in real estate or in real estate related loans or other interests, and their revenue primarily consists of rent derived from owned, income producing real estate properties and capital gains from the sale of such properties. The Fund may invest without limit in shares of REITs. A REIT in the U.S. is generally not taxed on income distributed to shareholders so long as it meets certain tax related requirements, including the requirement that it distribute substantially all of its taxable income to such shareholders (other than net capital gains for each taxable year). REIT-like entities are organized outside of the U.S. and have operations and receive tax treatment in their respective countries similar to that of U.S. REITs. The Fund may invest in real estate companies of any market capitalization. Cohen & Steers Capital Management, Inc., the Fund’s sub-adviser (“Sub-Adviser”) uses a bottom-up strategy, relative value investment process when selecting publicly traded real estate securities. To guide the portfolio construction process, the Sub-Adviser uses a proprietary valuation model that quantifies relative valuation of real estate securities based on price-to-net asset value (“NAV”), cash flow multiple/growth ratios, and a dividend discount model (“DDM”). The Sub-Adviser incorporates both quantitative and qualitative analysis in their NAV, cash flow, growth and DDM estimates. The company research process includes an evaluation of the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength and corporate structure. Judgments with respect to risk control, geographic and property sector diversification, liquidity and other factors are considered along with the models’ output and drive the Sub-Adviser’s investment decisions. The Fund may also invest in securities of foreign issuers that meet the same criteria for investment as domestic companies, including investments in American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts (“EDRs”). The Fund has the ability to invest in other investment companies, such as exchange-traded funds, money market funds, unit investment trusts and open-end and closed-end funds, including affiliated investment companies. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. Under normal market conditions, the Fund seeks to achieve its investment objective by investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities issued by real estate companies operating in the United States, including real estate investment trusts (“REITs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights. 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. 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. 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. 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. 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. Government regulatory risk – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance. 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. 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. 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 prior to October 21, 2024 reflects the Fund’s results when managed by the former sub-adviser, Heitman Real Estate Securities LLC. 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 27, 2026, the Fund was combined with JNL/WMC Global Real Estate Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zEjbvxtZ2pg8"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_zdCMPNAmZ3z6" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202639Member_zxDBKExAhpB1" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20190101__20191231_zKzib6ZCmflj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.26%</td></tr> <tr id="xdx_41B_20200101__20201231_zilMlHXNV78f" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-4.14%</td></tr> <tr id="xdx_410_20210101__20211231_zsX1us1vHpDl" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">44.13%</td></tr> <tr id="xdx_410_20220101__20221231_ze6hNP8WcEm4" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-25.74%</td></tr> <tr id="xdx_41D_20230101__20231231_zncFJtAQAVjf"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.66%</td></tr> <tr id="xdx_411_20240101__20241231_z8SOkmIQUEnf"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.46%</td></tr> <tr id="xdx_410_20250101__20251231_zzj2H08Nekca"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">2.79%</td></tr> </table> <img alt="PerformanceBarChartData(2019:25.26,2020:-4.14,2021:44.13,2022:-25.74,2023:9.66,2024:4.46,2025:2.79)" src="jnlst485bpos059.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2024): 16.22%; Worst Quarter (ended 3/31/2020): -25.30% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_zss0eyNDXxla" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202640Member_zdwtnD7ZgEX7" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20190101__20191231_zpDcI6l5TDu8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.67%</td></tr> <tr id="xdx_412_20200101__20201231_zOmc0DF6LV14" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.89%</td></tr> <tr id="xdx_41F_20210101__20211231_zHCnCBMXQve8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">44.65%</td></tr> <tr id="xdx_41F_20220101__20221231_zmrYjUaYRng5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-25.55%</td></tr> <tr id="xdx_41D_20230101__20231231_z2p7GDajlSHi"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.89%</td></tr> <tr id="xdx_413_20240101__20241231_zk8b3NY7ypr6"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.83%</td></tr> <tr id="xdx_411_20250101__20251231_zUo9PtSN3okl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.06%</td></tr> </table> <img alt="PerformanceBarChartData(2019:25.67,2020:-3.89,2021:44.65,2022:-25.55,2023:9.89,2024:4.83,2025:3.06)" src="jnlst485bpos060.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2024): 16.35%; Worst Quarter (ended 3/31/2020): -25.28% 0.2526 -0.0414 0.4413 -0.2574 0.0966 0.0446 0.0279 Best Quarter 2024-09-30 0.1622 Worst Quarter 2020-03-31 -0.2530 0.2567 -0.0389 0.4465 -0.2555 0.0989 0.0483 0.0306 Best Quarter 2024-09-30 0.1635 Worst Quarter 2020-03-31 -0.2528 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zXvebYGm5cy9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zhJnDW0Voou" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z37YNLARLJf9"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zRIMzR0QWR82"> </td> <td> </td> <td colspan="2" id="xdx_490_20180813__20251231_zAq6JsR0DdZ" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202639Member_zLzJcW1U5bIh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Cohen & Steers U.S. Realty Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">2.79</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">4.87</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zpTqtgPoFRt5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.44</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSREITIndexMember_z55wj44Ch3Th" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US REIT Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">2.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.34</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zUU60Rg1QN5l"> </td> <td> </td> <td id="xdx_493_20210101__20251231_z7d75XaafMI4"> </td> <td> </td> <td colspan="2" id="xdx_490_20180813__20251231_z93TkIvirHsf" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202640Member_zYPGY0yXQkgh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Cohen & Steers U.S. Realty Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">3.06</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.17</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zrztzLduRSW" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.44</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSREITIndexMember_z2mAEjG5wgCg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US REIT Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">2.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.34</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.0279 0.0473 0.0487 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1444 0.0280 0.0481 0.0534 2018-08-13 0.0306 0.0504 0.0517 0.1780 0.1388 0.1444 0.0280 0.0481 0.0534 JNL/DFA International Core Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to achieve long-term capital appreciation. 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. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zr5LN9eQwGEj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zyGOi9Xaf8qd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zXqO3P9ApWMa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000210331Member_zkVqSirnur03" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zfYabnWPJ3t" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.45%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOvfYdR1j1be" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_z8saPoW0LyXa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zXCRr9HxsWhc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.91%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000210330Member_zZh3VzexCC1a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zh7pR7pv74K5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.45%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsNWkFEEJct7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zAQ9UdZnHdfd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_z0AuSmfUpkdl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.61%</td></tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zpFa2vG63Wf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dpn_zlU752l0gyJ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0045 0.0030 0.0016 0.0091 0.0045 0.0000 0.0016 0.0061 -0.0005 0.0056 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 Class I administrative waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKXDpO5p8GE"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zBSJzb6mBOSl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA International Core Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zSi11DOUmTQe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_zOfTaGbhDnNe" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_dn_zlhILGCl1Mk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zCh8lgY07Ql5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000210331Member_zb8qm7kPIAh8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$93</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$290</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$504</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,120</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA International Core Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zjAvfw3mdAM9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_z24hhZvPtaUg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_489_eoef--ExpenseExampleYear05_dn_zWQ2mQAKOdQ4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_ze4S2KYD7YM3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000210330Member_zKX5qNf23eA" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$190</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$335</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$757</td></tr> </table> 93 290 504 1120 57 190 335 757 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.16 Principal Investment Strategies. To achieve the Fund’s investment objective, Dimensional Fund Advisors LP, the Fund’s sub-adviser (“Sub-Adviser”), implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Fund’s design emphasizes long-term drivers of expected returns identified by the Sub-Adviser’s research, while balancing risk through broad diversification across companies and sectors. The Sub-Adviser’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Fund is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of non-U.S. companies associated with developed markets that have been authorized for investment by the Sub-Advisor’s Investment Committee (the “International Universe”). Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in non-U.S. equity securities and/or investments that provide exposure to non-U.S. securities. The Fund invests in companies of all sizes, with meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the International Universe. The Fund’s meaningfully increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the International Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Sub-Adviser may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Sub-Adviser uses for assessing relative price and profitability are subject to change from time to time. Under normal circumstances, the Fund intends to invest at least 40% of its assets in three or more non-U.S. countries by investing in securities of companies associated with such countries. The Fund intends to purchase securities of companies associated with developed market countries that the Sub-Adviser has designated as approved markets. The Sub-Adviser determines company size on a country- or region-specific basis and based primarily on market capitalization. The Sub-Adviser may also increase or reduce the Fund’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Sub-Adviser considers ratios such as recent changes in assets divided by total assets. The criteria the Sub-Adviser uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Sub-Adviser seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs. The Fund may gain exposure to companies associated with approved markets by purchasing equity securities in the form of depositary receipts, which may be listed or traded outside the issuer’s domicile country. The Fund also may purchase or sell futures contracts and options on futures contracts for foreign or U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Fund. Because many of the Fund’s investments may be denominated in foreign currencies, the Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts, in connection with the settlement of foreign securities or to transfer cash balances from one currency to another currency. Under normal circumstances, the Fund intends to invest at least 40% of its assets in three or more non-U.S. countries by investing in securities of companies associated with such countries. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). Profitability investment risk – High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause the Fund to at times underperform equity funds that use other investment strategies. 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. 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. 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. 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. 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. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown, and 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 25, 2022, the Fund was combined with the JNL/BlackRock Advantage International Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zOlsAqMnzGR6"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210331Member_zF6gq5GGgyok" style="font-weight: bold; text-align: left; width: 50%">58</td></tr> <tr id="xdx_416_20200101__20201231_zakm5k9w9w8l" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">6.96%</td></tr> <tr id="xdx_41E_20210101__20211231_z3DiN1ZkW9Vk" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.33%</td></tr> <tr id="xdx_412_20220101__20221231_zyE06fUR903g" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-12.05%</td></tr> <tr id="xdx_415_20230101__20231231_zUOvObcztpx9" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">15.59%</td></tr> <tr id="xdx_418_20240101__20241231_zhQROYuvJmIf" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">3.94%</td></tr> <tr id="xdx_417_20250101__20251231_zrJWmdLksaj7" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">35.29%</td></tr> </table> <img alt="PerformanceBarChartData(2020:6.96,2021:11.33,2022:-12.05,2023:15.59,2024:3.94,2025:35.29)" src="jnlst485bpos061.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 18.25%; Worst Quarter (ended 3/31/2020): -27.17% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210330Member_zp4FmSpJ5rx5" style="font-weight: bold; text-align: left; width: 50%">59</td></tr> <tr id="xdx_416_20200101__20201231_zKJlWCcjAPUg" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.35%</td></tr> <tr id="xdx_414_20210101__20211231_zf5PSyTWzdE6" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.63%</td></tr> <tr id="xdx_41B_20220101__20221231_ziP1o0RiRPU5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-11.66%</td></tr> <tr id="xdx_41D_20230101__20231231_zWRur2DmRADf" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">15.96%</td></tr> <tr id="xdx_412_20240101__20241231_zwlVQOrr3AIb" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">4.29%</td></tr> <tr id="xdx_41E_20250101__20251231_zGjLv1oOYtY4" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">35.75%</td></tr> </table> <img alt="PerformanceBarChartData(2020:7.35,2021:11.63,2022:-11.66,2023:15.96,2024:4.29,2025:35.75)" src="jnlst485bpos062.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 18.42%; Worst Quarter (ended 3/31/2020): -27.12% 0.0696 0.1133 -0.1205 0.1559 0.0394 0.3529 Best Quarter 2022-12-31 0.1825 Worst Quarter 2020-03-31 -0.2717 0.0735 0.1163 -0.1166 0.1596 0.0429 0.3575 Best Quarter 2022-12-31 0.1842 Worst Quarter 2020-03-31 -0.2712 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zuCSxqM9nQR6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zefPx5G2eQA4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_z1zth2iJ0mtd"> </td> <td> </td> <td id="xdx_49E_20210101__20251231_z9WKJkq08PIg"> </td> <td> </td> <td colspan="2" id="xdx_490_20190624__20251231_zCjkaL7a92d2" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (June 24, 2019)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210331Member_zG8sZnwJOvQj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL/DFA International Core Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">35.29</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">9.74</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">9.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsExUSTargetMarketExposureIndexNetMember_zsabetULPT5k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.51</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_zoHDtpcaZq5d"> </td> <td> </td> <td id="xdx_49E_20210101__20251231_zGksJKImk8di"> </td> <td> </td> <td colspan="2" id="xdx_490_20190624__20251231_z9fOvtbdKSOe" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (June 24, 2019)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210330Member_zvQBL82WQYH8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt">JNL/DFA International Core Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">35.75</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">10.11</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">10.20</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsExUSTargetMarketExposureIndexNetMember_zlmPrWnpCDtg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.51</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2019-06-24 0.3529 0.0974 0.0982 (reflects no deduction for fees, expenses, or taxes) 0.3195 0.0951 0.0973 2019-06-24 0.3575 0.1011 0.1020 0.3195 0.0951 0.0973 JNL/DFA U.S. Core Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital appreciation. 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. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zAVk7NcQNmlb"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zsfi3eHmrRt6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z6NI5evKafoi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000004672Member_zqfpF9fNMAu2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z2kei6wx0bv9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.39%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZx3qeH7rBVh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zKyzotjqRr35" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zudCgLUjKaL3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.80%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000067990Member_zE3YJvegTTsl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zDrnA92roOue" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.39%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWkXLLiqgY8f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zXWBst9SBWkb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zShvRNb5e7l4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z08iDYglfU4c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_z2VYxKwni5jl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.45%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0039 0.0030 0.0011 0.0080 0.0039 0.0000 0.0011 0.0050 -0.0005 0.0045 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zz9M0W7IEqo"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6VQhhHklhZ2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA U.S. Core Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zOlrYBjV1PS1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_ziDOD3EZULag" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z0RgxOegJyH7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zluzTKpNLKph" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000004672Member_zhoI19WvIxB" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$255</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$444</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$990</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA U.S. Core Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zdGwJzVENVb7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zKYIXkKZhBZd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zkSH4yU4PMMh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zeAtXTZip7W6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000067990Member_zyTcnRGr82F3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$46</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$155</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$275</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$623</td></tr> </table> 82 255 444 990 46 155 275 623 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_986_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001765Member_zQ6UTU5vGo55" style="border-bottom: black 1pt solid; width: 16%; text-align: right">2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.02 Principal Investment Strategies. To achieve the Fund’s investment objective, Dimensional Fund Advisors LP, the Fund’s sub-adviser (“Sub-Adviser”), implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Fund’s design emphasizes long-term drivers of expected returns identified by the Sub-Adviser’s research, while balancing risk through broad diversification across companies and sectors. The Sub-Adviser’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Fund is designed to purchase a broad and diverse group of equity securities within a market capitalization weighted universe (e.g., the larger the company, the greater the proportion of the universe it represents) of U.S. companies (the “U.S. Universe”). Under normal market conditions, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. The Sub-Adviser generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Sub-Adviser. The Fund invests in companies of all sizes, with moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies as compared to their representation in the U.S. Universe. The Fund’s moderately increased exposure to smaller capitalization, lower relative price, and higher profitability companies may be achieved by decreasing the allocation of the Fund’s assets to larger capitalization, higher relative price, or lower profitability companies relative to their weight in the U.S. Universe. An equity issuer is considered to have a high relative price (i.e., a growth stock) primarily because it has a high price in relation to its book value. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Sub-Adviser may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Sub-Adviser uses for assessing relative price and profitability are subject to change from time to time. The Sub-Adviser may also increase or reduce the Fund’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Sub-Adviser considers ratios such as recent changes in assets divided by total assets. The criteria the Sub-Adviser uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Sub-Adviser seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs. The Fund may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Fund. Under normal market conditions, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zrW0qQNeGxC2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Profitability investment risk – High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause the Fund to at times underperform equity funds that use other investment strategies.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgqW2ay4Dpxe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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 27, 2026, the Fund was combined with JNL/AQR Large Cap Defensive Style Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zqoi88VkDkWe"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A6D_dU_zemZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004672Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20160101__20161231_zATg7nMNP4Me"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">14.02%</td></tr> <tr id="xdx_41C_20170101__20171231_ziJ9PKGgUvq8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">20.23%</td></tr> <tr id="xdx_410_20180101__20181231_zNzvlAv6k9w5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-7.75%</td></tr> <tr id="xdx_41B_20190101__20191231_zAPFTgNwZFk5"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">29.55%</td></tr> <tr id="xdx_416_20200101__20201231_z5QinXgjB6xg" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">15.85%</td></tr> <tr id="xdx_415_20210101__20211231_zrMI2zlf6ZF1" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">26.88%</td></tr> <tr id="xdx_41B_20220101__20221231_zTovozt6fbS3"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-15.60%</td></tr> <tr id="xdx_410_20230101__20231231_zZdvQzYtX0W5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">22.27%</td></tr> <tr id="xdx_419_20240101__20241231_znGNqPYyMDmb"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">20.40%</td></tr> <tr id="xdx_414_20250101__20251231_zy0WAcurKyCl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">15.09%</td></tr> </table> <img alt="PerformanceBarChartData(2016:14.02,2017:20.23,2018:-7.75,2019:29.55,2020:15.85,2021:26.88,2022:-15.6,2023:22.27,2024:20.4,2025:15.09)" src="jnlst485bpos063.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.84%; Worst Quarter (ended 3/31/2020): -24.56% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A74_dU_z9eD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067990Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41C_20160101__20161231_zS2ZlKQxgMDc"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">14.31%</td></tr> <tr id="xdx_414_20170101__20171231_zi2TWnX4sm22"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">20.54%</td></tr> <tr id="xdx_41F_20180101__20181231_zBJkmMcY1cUa"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-7.46%</td></tr> <tr id="xdx_414_20190101__20191231_z2ItSFsehtrh"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">29.99%</td></tr> <tr id="xdx_418_20200101__20201231_zYrv1KbsFVU6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">16.30%</td></tr> <tr id="xdx_412_20210101__20211231_zHTCjfIbHyTa" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.33%</td></tr> <tr id="xdx_41E_20220101__20221231_zXUXY1VIFhH6"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-15.30%</td></tr> <tr id="xdx_41E_20230101__20231231_zZnObkdbPJS8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">22.71%</td></tr> <tr id="xdx_411_20240101__20241231_zC4ruadnd0P4"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">20.76%</td></tr> <tr id="xdx_41F_20250101__20251231_zhXmb4Kn2rv6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">15.55%</td></tr> </table> <img alt="PerformanceBarChartData(2016:14.31,2017:20.54,2018:-7.46,2019:29.99,2020:16.3,2021:27.33,2022:-15.3,2023:22.71,2024:20.76,2025:15.55)" src="jnlst485bpos064.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.98%; Worst Quarter (ended 3/31/2020): -24.48% 0.1402 0.2023 -0.0775 0.2955 0.1585 0.2688 -0.1560 0.2227 0.2040 0.1509 Best Quarter 2020-06-30 0.2184 Worst Quarter 2020-03-31 -0.2456 0.1431 0.2054 -0.0746 0.2999 0.1630 0.2733 -0.1530 0.2271 0.2076 0.1555 Best Quarter 2020-06-30 0.2198 Worst Quarter 2020-03-31 -0.2448 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zJXvoM0yKc31"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zrqxn8tdHy8k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z62q2twc2VYc" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zEmfF06v0jx9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zt0hTTuK2sc" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004672Member_zjowuLfL5GDi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DFA U.S. Core Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.09</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.16</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zHKSKpV6nPOd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z9UcKQuDwtTl" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zUDTVZpdFcA4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zR63JZjGgHUc" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067990Member_zFFGo4xiYaG4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DFA U.S. Core Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.55</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.05</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zXi5K8zaJ6oi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1509 0.1266 0.1316 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1555 0.1305 0.1354 0.1721 0.1313 0.1431 JNL/DFA U.S. Small Cap Fund Class A Class I Investment Objective. The investment objective of the Fund is to achieve long-term capital appreciation. 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zaZjRubxeMwh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zX0tm7A1Pu6k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z1ZpNIACuYc4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000218178Member_zUkjeYrU3Aia" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zwiRk1hB2oJ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMJ9I66d5GA3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zzj1B7df6605" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zYtnjIBTZ3Ak" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000218179Member_z9e4ESPa0w17" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zlgWjPgwRQG4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_znErSdSG36V4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zN5gAfcP6fJ2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z9hVt2zdObo1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zntwZQYqSjg3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zZK17rFEAFt1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0053 0.0030 0.0016 0.0099 0.0053 0.0000 0.0016 0.0069 -0.0005 0.0064 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zif3bMcXxRIe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zUUdGRwoyq2g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA U.S. Small Cap Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zoAnWcc2qOOc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z2dUmcjYYCrc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zRXfC9qPBxw9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z93g3sfTByM2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000218178Member_zxa92m5n7Q45" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DFA U.S. Small Cap Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zm1PEvPPj9Uh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zSqKQhj1z5G1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zEnS4WDHDpy6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zvO44kNJ9Zcj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000218179Member_zkVm84k4vAEl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$216</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$379</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$854</td></tr> </table> 101 315 547 1213 65 216 379 854 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_989_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068110Member_zkYrJGfsB91" style="border-bottom: black 1pt solid; width: 16%; text-align: right">20</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.20 Principal Investment Strategies. To achieve the Fund’s investment objective, Dimensional Fund Advisors LP, the Fund’s sub-adviser (“Sub-Adviser”), implements an integrated investment approach that combines research, portfolio design, portfolio management, and trading functions. As further described below, the Fund’s design emphasizes long-term drivers of expected returns identified by the Sub-Adviser’s research, while balancing risk through broad diversification across companies and sectors. The Sub-Adviser’s portfolio management and trading processes further balance those long-term drivers of expected returns with shorter-term drivers of expected returns and trading costs. The Fund, using a market capitalization weighted approach, is designed to purchase a broad and diverse group of readily marketable securities of U.S. small capitalization companies. The Sub-Adviser generally defines a U.S. company as one that is listed and principally traded on a securities exchange in the United States that is deemed appropriate by the Sub-Adviser. A company’s market capitalization is the number of its shares outstanding times its price per share. Under a market capitalization weighted approach, companies with higher market capitalizations generally represent a larger proportion of the Fund than companies with relatively lower market capitalizations. The Fund may emphasize certain stocks, including smaller capitalization companies, lower relative price stocks, and/or higher profitability stocks as compared to their representation in the small-cap segment of the U.S. market. An equity issuer is considered to have a low relative price (i.e., a value stock) primarily because it has a low price in relation to its book value. In assessing relative price, the Sub-Adviser may consider additional factors such as price to cash flow or price to earnings ratios. An equity issuer is considered to have high profitability because it has high earnings or profits from operations in relation to its book value or assets. The criteria the Sub-Adviser uses for assessing relative price and profitability are subject to change from time to time. As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities of U.S. small-capitalization companies. As of the date of this Prospectus, for purposes of the Fund, the Sub-Adviser considers small-capitalization companies to be companies whose market capitalizations are generally in the lowest 10% of total market capitalization or companies whose market capitalizations are smaller than the 1,000th largest U.S. company, whichever results in the higher market capitalization break. Total market capitalization is based on the market capitalization of eligible U.S. operating companies listed on a securities exchange in the United States that is deemed appropriate by the Sub-Adviser. Under the Sub-Adviser’s market capitalization guidelines described above, based on market capitalization data as of December 31, 2025, the market capitalization of a small-capitalization company would be $16.77 billion or below. This threshold will change due to market conditions. The Sub-Adviser may also increase or reduce the Fund’s exposure to an eligible company, or exclude a company, based on shorter-term considerations, such as a company’s price momentum, short-run reversals, and investment characteristics. In assessing a company’s investment characteristics, the Sub-Adviser considers ratios such as recent changes in assets divided by total assets. The criteria the Sub-Adviser uses for assessing a company’s investment characteristics are subject to change from time to time. In addition, the Sub-Adviser seeks to reduce trading costs using a flexible trading approach that looks for opportunities to participate in the available market liquidity, while managing turnover and explicit transaction costs. The Fund may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the Fund. As a non-fundamental policy, under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities of U.S. small-capitalization companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zvzj8Uugfjvb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Profitability investment risk – High relative profitability stocks may perform differently from the market as a whole and following a profitability-oriented strategy may cause the Fund to at times underperform equity funds that use other investment strategies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"></td><td></td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Fund’s 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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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 information prior to September 25, 2017 reflects the Fund’s results using its prior principal investment strategy. Performance results include the effect of expense waiver/reduction arrangements for some or all 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. The performance data includes the performance of the JNL/DFA U.S. Small Cap Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zT63DHle8Os4"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSzI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218178Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41C_20160101__20161231_zGvPolbKgbw1"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">26.75%</td></tr> <tr id="xdx_411_20170101__20171231_zSNmHAbJnVjc"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">10.15%</td></tr> <tr id="xdx_415_20180101__20181231_zO3Dftf83Ew6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.68%</td></tr> <tr id="xdx_412_20190101__20191231_zqdzJajaJank"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.36%</td></tr> <tr id="xdx_41C_20200101__20201231_zWiNwwTBG51g" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.18%</td></tr> <tr id="xdx_41A_20210101__20211231_zp0vvB9Bu8V8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.46%</td></tr> <tr id="xdx_410_20220101__20221231_zzsd2BvG38uj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.75%</td></tr> <tr id="xdx_412_20230101__20231231_zRDI2s8Vsgcj"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">16.72%</td></tr> <tr id="xdx_412_20240101__20241231_z5IVerWtCuH2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.24%</td></tr> <tr id="xdx_410_20250101__20251231_zIMfPNfDC4Ah"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.01%</td></tr> </table> <img alt="PerformanceBarChartData(2016:26.75,2017:10.15,2018:-13.68,2019:21.36,2020:13.18,2021:27.46,2022:-13.75,2023:16.72,2024:9.24,2025:7.01)" src="jnlst485bpos065.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 30.18%; Worst Quarter (ended 3/31/2020): -33.62% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAmj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218179Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20180101__20181231_zGFKGXQrlOX9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.37%</td></tr> <tr id="xdx_41A_20190101__20191231_zmA7IYSmPebk"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.80%</td></tr> <tr id="xdx_419_20200101__20201231_zCMXyfkej0B6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.54%</td></tr> <tr id="xdx_41B_20210101__20211231_zlv9cEkLbQUg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">28.01%</td></tr> <tr id="xdx_41E_20220101__20221231_z0M6vwpEHb8i"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.48%</td></tr> <tr id="xdx_410_20230101__20231231_zRmnVxnR9J1j"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.12%</td></tr> <tr id="xdx_419_20240101__20241231_zlUv4tN9Jsyg"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.69%</td></tr> <tr id="xdx_41F_20250101__20251231_zGUCUadv7B83"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.41%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-13.37,2019:21.8,2020:13.54,2021:28.01,2022:-13.48,2023:17.12,2024:9.69,2025:7.41)" src="jnlst485bpos066.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 30.24%; Worst Quarter (ended 3/31/2020): -33.49% 0.2675 0.1015 -0.1368 0.2136 0.1318 0.2746 -0.1375 0.1672 0.0924 0.0701 Best Quarter 2020-12-31 0.3018 Worst Quarter 2020-03-31 -0.3362 -0.1337 0.2180 0.1354 0.2801 -0.1348 0.1712 0.0969 0.0741 Best Quarter 2020-12-31 0.3024 Worst Quarter 2020-03-31 -0.3349 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zV0ilxhawNsd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zGLBjCiEMQYh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zL5oSxJobFqk" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zTDL33mLqyLj" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zlhnRPGGgVl" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218178Member_zz6bWqSVF123" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DFA U.S. Small Cap Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.01</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.45</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zUhzc0y9WRj5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapExtendedIndexMember_zviL5iuP2Cdl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zvggoCH9E8lg"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zrV8r7XNIJO4"> </td> <td> </td> <td colspan="2" id="xdx_496_20170925__20251231_zwJdgMQdUrp3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218179Member_zc9oQ6ILSn09" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/DFA U.S. Small Cap Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">7.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">8.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">8.44</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z5QxRT0lFDL8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapExtendedIndexMember_zQfuVEIM5Tng" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.36</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0701 0.0845 0.0952 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1186 0.0694 0.0967 2017-09-25 0.0741 0.0885 0.0844 0.1721 0.1313 0.1416 0.1186 0.0694 0.0836 JNL/DoubleLine® Core Fixed Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to maximize current income and 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z0Vb8cpwEBMi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z2YiShZ0Ydje" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000004643Member_z0804NKaq225" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zOav4EVzkwqi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.37%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsJ6mZ9yEjr" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zBCwoz9a2Aal" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zPYrSW9OH9Y" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000067976Member_z4K2oKIGfiw9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zebJwdrbmnme" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.37%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6ErTzlynST5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zpA8aAMVbTj3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z09sf3oaNpNd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0037 0.0030 0.0011 0.0078 0.0037 0.0000 0.0011 0.0048 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zP7d4PtF6jd8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zG3QHbguMxaf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Core Fixed Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zt1yWpSn4a0f" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zALU62i628mh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zlD2jzJEdcPb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z2gtbVz4wl6a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000004643Member_zhUXs09eup9l" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$249</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$433</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$966</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Core Fixed Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zPsHFFJMqBfk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zXfPusMqKLLg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zcZdz33za1Lh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zrARP4YhsRp7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000067976Member_zD8BjTVWDi53" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$49</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$154</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$269</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$604</td></tr> </table> 80 249 433 966 49 154 269 604 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 68%; padding-left: 5.4pt">1/1/2025 - 12/31/2025</td> <td id="xdx_989_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001736Member_zR6Kwz0Tbs99" style="border-bottom: black 1pt solid; width: 16%; text-align: right">41</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.41 Principal Investment Strategies. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, swap agreements, or commodity-linked derivatives. For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the fixed-income instruments mentioned above. “Fixed-Income instruments” include but are not limited to bonds, debt securities and other fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private sector entities, including securities issued or guaranteed by the United States Government, its agencies, instrumentalities or sponsored corporations; corporate obligations (including foreign subordinated or junior subordinated bank debt, including Tier 1 preferred or hybrid bank debt, and Tier 2 debt); mortgage-backed securities; asset-backed securities (“ABS”); foreign securities (corporate, currencies and government); emerging market securities (corporate, quasi-sovereigns and government); bank loans and assignments; ABS loans and other securities bearing fixed or variable interest rates of any or no maturity. Such Fixed-Income instruments may be indexed to inflation by certain issuers. In managing the Fund’s investments, under normal market conditions, the portfolio manager intends to seek to construct an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years, as calculated by DoubleLine Capital LP (“DoubleLine”). Duration is a measure of the expected life of a fixed-income security that is used to determine the sensitivity of a security’s price to changes in interest rates. DoubleLine may seek to manage the duration of the Fund’s portfolio through the use of derivative instruments and other investments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund incurs costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful. The Fund invests primarily in investment grade debt securities, but may invest up to 33 1/3% of its total assets in high-yield securities (“junk bonds”), bank loans or assignments rated BB+ or lower by Moody’s or equivalently rated by S&P Global Ratings, Fitch Inc., Kroll, DBRS, Morningstar, or any other NRSRO, or, if unrated, determined by DoubleLine to be of comparable quality. DoubleLine does not consider the term “junk bonds” to include mortgage-backed securities or any other ABS, regardless of their credit rating or credit quality. The Fund may invest up to 30% of its total assets in securities or derivatives denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 30% of its total assets in securities and instruments that are economically tied to emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related fixed income instruments, is classified as an emerging or developing economy by any supranational organization such as an institution in the World Bank Group or the United Nations, or an agency thereof, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund may invest all of its assets in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage-backed securities or ABS. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a Fund of purchase and sale contracts or by using other investment techniques (such as buybacks or dollar rolls). The “total return” sought by the Fund consists of income earned on the Fund’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred stock, convertible securities and other equity related securities. The Fund may invest in other investment companies, including, for example, other open-end or closed-end investment companies, exchange-traded funds (“ETFs”), and domestic or foreign private investment vehicles, including investment companies sponsored or managed by DoubleLine or its affiliates. The Fund may invest in securities issued by companies in the financial services sector. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, swap agreements, or commodity-linked derivatives. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Event driven and special situations risk – At times, the Fund may seek to benefit from what are considered “special situations,” such as mergers, acquisitions, consolidations, liquidations, spin-offs, tender or exchange offers, reorganizations, restructurings or other unusual events that are expected to affect a particular issuer. Such special situations may involve so-called “distressed companies,” the debt obligations of which typically are unrated, lower-rated, in default or close to default. Also, securities of distressed companies are generally more likely to become worthless. There is a risk that the expected change or event might not occur, which could cause the price of the security to fall, perhaps sharply. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. Inflation-indexed securities risk – Inflation-indexed securities have a tendency to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. In periods of deflation, the Fund may not receive any income from such investments. In certain interest rate environments, such as when real interest rates are rising faster than normal interest rates, inflation-indexed securities may experience greater losses than other fixed-income securities with similar durations. 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. 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 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. Restricted securities risk – Restricted securities are subject to legal restrictions on their sale and may not be sold to the public without an effective registration statement. Before they are registered, such securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Restricted securities may be illiquid. The Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives certain material nonpublic information about the issuer, the Fund may be unable to sell the securities in accordance with laws and regulations prohibiting insider trading. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. Performance prior to September 25, 2017 reflects the Fund’s results when managed by the former sub-adviser, Pacific Investment Management Company LLC. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A83_eoef--BarChartTableTextBlock_zrpChrOcD1i9"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zcmZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004643Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20160101__20161231_zKimDvouxss"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">2.72%</td></tr> <tr id="xdx_418_20170101__20171231_z47YOIBkCJmf"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">5.39%</td></tr> <tr id="xdx_416_20180101__20181231_zBQAL3j7pqg5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.45%</td></tr> <tr id="xdx_414_20190101__20191231_zmz7hAsvBgCk"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">7.81%</td></tr> <tr id="xdx_414_20200101__20201231_zU62Q8Nkb5Xf" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.09%</td></tr> <tr id="xdx_41A_20210101__20211231_zTPjiJPwIk8c" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.43%</td></tr> <tr id="xdx_41A_20220101__20221231_zsQem6Zg9kd1"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.28%</td></tr> <tr id="xdx_41E_20230101__20231231_zQX31lAqIis4"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">6.03%</td></tr> <tr id="xdx_41A_20240101__20241231_zG05sDyJ4g7b"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.29%</td></tr> <tr id="xdx_419_20250101__20251231_zRBHKauX3kF3"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.18%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.72,2017:5.39,2018:-0.45,2019:7.81,2020:5.09,2021:-0.43,2022:-13.28,2023:6.03,2024:2.29,2025:7.18)" src="jnlst485bpos067.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.56%; Worst Quarter (ended 6/30/2022): -5.73% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAcj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067976Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20160101__20161231_zqLylIQDRQa8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">2.96%</td></tr> <tr id="xdx_412_20170101__20171231_zc5pG0pxp044"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">5.54%</td></tr> <tr id="xdx_412_20180101__20181231_zJFuZMYFE9te"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.17%</td></tr> <tr id="xdx_410_20190101__20191231_zlOFOiDMRgxj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">8.23%</td></tr> <tr id="xdx_410_20200101__20201231_z75ZV7IpyxO1" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.34%</td></tr> <tr id="xdx_418_20210101__20211231_zAQWsYkklgA6" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.13%</td></tr> <tr id="xdx_416_20220101__20221231_zqQaxoEPLHc4"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.02%</td></tr> <tr id="xdx_411_20230101__20231231_zOksgPZ8STh"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">6.37%</td></tr> <tr id="xdx_41C_20240101__20241231_zCu1csUt3SVg"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.60%</td></tr> <tr id="xdx_41B_20250101__20251231_zK9tq7JdI5Xh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.52%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.96,2017:5.54,2018:-0.17,2019:8.23,2020:5.34,2021:-0.13,2022:-13.02,2023:6.37,2024:2.6,2025:7.52)" src="jnlst485bpos068.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.70%; Worst Quarter (ended 6/30/2022): -5.62% 0.0272 0.0539 -0.0045 0.0781 0.0509 -0.0043 -0.1328 0.0603 0.0229 0.0718 Best Quarter 2023-12-31 0.0656 Worst Quarter 2022-06-30 -0.0573 0.0296 0.0554 -0.0017 0.0823 0.0534 -0.0013 -0.1302 0.0637 0.0260 0.0752 Best Quarter 2023-12-31 0.0670 Worst Quarter 2022-06-30 -0.0562 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zqEFhUiFtPMd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zGEJKJRW1g0b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zS3Wnaf9l6ve" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zeMKwLyD5b98" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z5zOD5Cj0Csh" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004643Member_zCrVtwJBxBB5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DoubleLine® Core Fixed Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.18</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.07</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.05</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zeeNSAse38Sa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zLWxbufHE5E4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zCl4TlF234R6" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zv415AaJ3SLl" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067976Member_zWNwLriMrR77" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DoubleLine® Core Fixed Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.52</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.38</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.34</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z71D47bQwtN7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0718 0.0007 0.0205 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0752 0.0038 0.0234 0.0730 -0.0036 0.0201 JNL/DoubleLine® Emerging Markets Fixed Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek high total return from current income and capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zKvhju1z13R8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zdtLd1B6sgRa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000166582Member_zU04fDLzhw7d" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zljYZYtLlIhd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.63%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbiGvmmHn0Uk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zfHNWvQqey7d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z3p78lQE4GMk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.08%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000192219Member_zmb3tTMix0x4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zFSkJWPzNpO3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.63%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3oxbwr6phVc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zBSb3VLksCo7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zEQiCqxeelah" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.78%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0063 0.0030 0.0015 0.0108 0.0063 0.0000 0.0015 0.0078 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: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaN6eIPSAN3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zT0FpL4bUEci" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Emerging Markets Fixed Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zo8BdooefUC1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z7l4P0nUioN9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zfzflC4DEmRb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_zpw0aSCMUf77" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000166582Member_zYfXJGErjd04" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$110</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$343</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$595</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,317</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Emerging Markets Fixed Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zgEn1XgIf1Hl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zAKcair7iIc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z58DdEQexeQe" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_zVAlZrkjK4Yk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000192219Member_zyTTau6QbQP6" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$249</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$433</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$966</td></tr> </table> 110 343 595 1317 80 249 433 966 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_986_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000052995Member_zGEOocwD5H5g" style="border-bottom: black 1pt solid; width: 16%; text-align: right">49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.49 Principal Investment Strategies. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income instruments with exposure to emerging markets countries. These fixed-income instruments include but are not limited to bonds, debt securities and other fixed income and income-producing instruments of any kind issued or guaranteed by governmental or private sector entities, including securities issued or guaranteed by companies (including foreign hybrid securities), financial institutions and government entities in emerging market countries and other securities bearing fixed or variable interest rates of any or no maturity. The Fund will generally invest in at least four emerging market countries. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing economy by any supranational organization such as the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. In addition, DoubleLine Capital LP (“Sub-Adviser”) has broad discretion to identify other countries that it considers to be emerging market countries. In determining whether an issuer of non-sovereign debt is in an emerging market country, the Sub-Adviser may look to the issuer’s “country of risk”, as classified in Bloomberg. Bloomberg’s determination of “country of risk” is based on a number of criteria, including country of domicile, country of primary listing, country of majority revenue, and reporting currency. The Sub-Adviser may also classify a non-sovereign issuer as an emerging market issuer on a basis other than Bloomberg’s “country of risk” classification. The Fund may invest, without limitation, in fixed-income instruments of any credit quality, including those that at the time of investment are unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating organization or unrated securities judged by the Sub-Adviser to be of comparable quality. Corporate bonds and certain other fixed-income instruments rated below investment grade, or such instruments that are unrated and determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as junk bonds. The Fund may invest in hybrid securities relating to emerging market countries. A third party or the Sub-Adviser may create a hybrid security by combining an income producing debt security and the right to receive payment based on the change in the price of an equity security. The Fund may invest up to 15% of its net assets in defaulted corporate securities. The Fund might do so, for example, where the Sub-Adviser believes the restructured enterprise valuations or liquidation valuations may exceed current market values. In addition, the Fund may invest in defaulted sovereign investments, including, for example, where the Sub-Adviser believes the expected debt sustainability of the country is not reflected in current market valuations. The Fund may invest in derivatives and other instruments, such as options, swaps (including credit default swaps), futures, structured investments, foreign currency futures and forward contracts. These practices may be used to hedge the Fund’s portfolio as well as for investment purposes; however, such practices sometimes may reduce returns or increase volatility. In allocating investments among various emerging market countries, the Sub-Adviser attempts to analyze internal political, market and economic factors. These factors may include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>public finances;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>monetary policy;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>external accounts;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>financial markets;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>foreign investment regulations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>stability of exchange rate policy; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>labor conditions.</td></tr></table> In managing the Fund’s investments, under normal market conditions, the Sub-Adviser intends to seek to construct an investment portfolio with a weighted average effective duration of no less than two years and no more than eight years. Duration is a measure of the expected life of a fixed-income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar. The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described in its principal investment strategies by investing in other investment companies, such as exchange-traded funds. Portfolio securities may be sold at any time. By way of example, sales may occur when the Fund’s Sub-Adviser perceives deterioration in the credit fundamentals of the issuer, when the Sub-Adviser believes there are negative macro geo-political considerations that may affect the issuer, when the Sub-Adviser determines to take advantage of a better investment opportunity, or when the individual security has reached the Sub-Adviser’s sell target. The Fund may lend its securities to increase its income. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income instruments with exposure to emerging markets countries. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Government regulatory risk – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance. 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. 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. 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. 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. 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. 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. 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. 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. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. Effective April 27, 2020, the Fund was combined with JNL/Goldman Sachs Emerging Markets Debt Fund (the “Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zRyKUwYeRy5i"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9c" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000166582Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20170101__20171231_zAPsJVcEDTc7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">7.30%</td></tr> <tr id="xdx_411_20180101__20181231_zobjLmGA7bvj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.81%</td></tr> <tr id="xdx_416_20190101__20191231_zbbWKOtoXO3f"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">11.38%</td></tr> <tr id="xdx_418_20200101__20201231_zSoSwQ7ZTgM4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">3.04%</td></tr> <tr id="xdx_41E_20210101__20211231_zoPxr3zoqeO5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.74%</td></tr> <tr id="xdx_41F_20220101__20221231_zu9IF75lkdHj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-15.05%</td></tr> <tr id="xdx_412_20230101__20231231_zV8BWlWZgSfh"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.48%</td></tr> <tr id="xdx_41C_20240101__20241231_zSaGiozzmbBl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.82%</td></tr> <tr id="xdx_41A_20250101__20251231_zEOsNIE4R6Ml"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.52%</td></tr> </table> <img alt="PerformanceBarChartData(2017:7.3,2018:-2.81,2019:11.38,2020:3.04,2021:0.74,2022:-15.05,2023:9.48,2024:6.82,2025:8.52)" src="jnlst485bpos069.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.34%; Worst Quarter (ended 3/31/2020): -15.79% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAvj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192219Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20180101__20181231_zNtwKIlEXCIf"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.51%</td></tr> <tr id="xdx_41D_20190101__20191231_zWZk3r4g3cG1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">11.67%</td></tr> <tr id="xdx_411_20200101__20201231_zqxf9vFRvtO4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">3.34%</td></tr> <tr id="xdx_41A_20210101__20211231_zKGxjM0yKsKd" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.99%</td></tr> <tr id="xdx_415_20220101__20221231_zb9aCyeixVid"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-14.78%</td></tr> <tr id="xdx_41F_20230101__20231231_zTuPdCHXiIFg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.83%</td></tr> <tr id="xdx_417_20240101__20241231_zK92JQ8C58Fa"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">7.19%</td></tr> <tr id="xdx_418_20250101__20251231_z8IgHNx3B5N9"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.84%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-2.51,2019:11.67,2020:3.34,2021:0.99,2022:-14.78,2023:9.83,2024:7.19,2025:8.84)" src="jnlst485bpos070.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.31%; Worst Quarter (ended 3/31/2020): -15.68% 0.0730 -0.0281 0.1138 0.0304 0.0074 -0.1505 0.0948 0.0682 0.0852 Best Quarter 2020-06-30 0.1334 Worst Quarter 2020-03-31 -0.1579 -0.0251 0.1167 0.0334 0.0099 -0.1478 0.0983 0.0719 0.0884 Best Quarter 2020-06-30 0.1331 Worst Quarter 2020-03-31 -0.1568 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zTez0Rj6yR1a"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z0R5kIdHv0V5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zv0lHdEpbFwa"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zA50zox59JYk"> </td> <td> </td> <td colspan="2" id="xdx_497_20160425__20251231_zzlwgnZhe49d" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (April 25, 2016)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000166582Member_zX8kssSTQFSk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/DoubleLine® Emerging Markets Fixed Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">8.52</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">1.66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">3.25</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateIndexMember_zUoykqRAIook" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-2.15</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergEMUSDAggregateIndexMember_zrsaAWMqeZSe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.11</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z59cFyBzMFe2"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zy0PqYTtmmHk"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zqo8X0LY4bbd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192219Member_zjBcjXXBqTfl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/DoubleLine® Emerging Markets Fixed Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">8.84</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">1.98</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">2.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateIndexMember_zi0BlmOPUDQc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Global Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-2.15</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.46</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergEMUSDAggregateIndexMember_zpP3SXvjogd3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg EM USD Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.11</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.96</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2016-04-25 0.0852 0.0166 0.0325 (reflects no deduction for fees, expenses, or taxes) 0.0817 -0.0215 0.0072 0.1111 0.0149 0.0370 2017-09-25 0.0884 0.0198 0.0264 0.0817 -0.0215 0.0046 0.1111 0.0149 0.0296 JNL/DoubleLine® Shiller Enhanced CAPE® Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek total return (capital appreciation and current income) which exceeds the total return of its benchmark. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zM017t25tJS4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z3jTCwp2zG74" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000159263Member_zMyPGpQHo173" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z4LtaKgyXL92" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zU8KToFWCsXf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z2iyw2ByBtyl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zdzO0BfTawxl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zRAH7oA9U0K3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000159264Member_zGz0Apne3L4l" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z7SMc20BuSa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTBk1bbkmbnl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zFoI1eWKptpi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zNdTBU5NZTuk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zd4r8assrYUf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0053 0.0030 0.0015 0.0001 0.0099 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 information has been restated to reflect current fees. 0.0053 0.0000 0.0015 0.0001 0.0069 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zv77MP2XR9x9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zcq4CxgQbRDl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Shiller Enhanced CAPE® Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zvRGs15JnOc9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zzB8iTtOPPl6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zLMz9MssuWcg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zZDQLPHY5Jaj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000159263Member_z393YtbyNjW5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Shiller Enhanced CAPE® Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zWpSgSIEaA0d" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zF98RIrjdok" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zNxUnUkY3pxh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zEoWes0Ux6f4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000159264Member_zGo9Nvry8v1k" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> 101 315 547 1213 70 221 384 859 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_980_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000050455Member_zTUZAGSWL927" style="border-bottom: black 1pt solid; width: 16%; text-align: right">47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.47 Principal Investment Strategies. The Fund seeks to achieve its objective by looking to achieve total return (capital appreciation and current income) in excess of the Shiller Barclays CAPE® US Sector II ER USD Index (the “Index”). The Fund will seek to use derivatives, or a combination of derivatives and direct investments, to provide a return that tracks closely the performance of the Index. The Fund will also invest in a portfolio of debt securities to seek to provide additional long-term total return. The Fund uses investment leverage in seeking to provide both the Index return and the return on a portfolio of debt securities; it is likely that the Fund will have simultaneous exposures both to the Index and to debt securities, in each case in an amount potentially up to the value of the Fund’s assets. It is possible that the Fund could lose money at the same time on both its investments in debt securities and its exposure to the Index. The Fund will normally use derivatives in an attempt to create an investment return approximating the Index’s return. The transaction pricing of any swap transaction will reflect a number of factors, including the limited availability of the Index, that will cause the return on the swap transaction to underperform the Index. Please see “Note regarding Index-Based Swaps” in the Prospectus for more information. The Fund expects to use only a small percentage of its assets to attain the desired exposure to the Index because of the structure of the derivatives the Fund expects to use. As a result, use of those derivatives along with other investments will create investment leverage in the Fund’s portfolio. In certain cases, however, such derivatives might be unavailable or the pricing of those derivatives might be unfavorable; in those cases, the Fund might attempt to replicate the Index return by purchasing some or all of the securities comprising the Index at the time. If the Fund at any time invests directly in the securities comprising the Index, those assets will be unavailable for investment in debt instruments, and the Fund’s ability to pursue its investment strategy and achieve its investment objective may be limited. To the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund expects to invest those assets in a portfolio of debt instruments managed by DoubleLine Capital LP (the “Sub-Adviser”) to seek to provide additional long-term total return. The Index incorporates the principles of long-term investing distilled by Dr. Robert Shiller and expressed through the CAPE® (Cyclically Adjusted Price Earnings) ratio (the “CAPE® Ratio”). The Index aims to identify undervalued sectors based on a modified CAPE® Ratio, and then uses a momentum factor to seek to reduce the risk of investing in a sector that may appear undervalued, but which may have also had recent relative price underperformance due to fundamental issues with the sector that may negatively affect the sector’s long-term total return. The classic CAPE® Ratio is used to assess equity market valuations and averages ten years of reported earnings to account for earnings and market cycles. Traditional valuation measures, such as the price-earnings (PE) ratio, by contrast, typically rely on earnings information from only the past year. The Index uses a modified version of the classic CAPE® Ratio to standardize the comparison across sectors. There can be no assurance that the Index will provide a better measure of value than more traditional measures, over any period or over the long term. Through the Index, the Fund will have focused exposures to the sectors making up the Index. As of the date of this Prospectus, the eleven sectors making up the Index include: Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Materials, Technology, Utilities and Real Estate. As a result, the Fund’s net asset value may be affected to a greater degree by factors affecting those sectors or industries than a fund that invests more broadly. Under normal circumstances, to the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund intends to invest those assets in a portfolio of debt instruments managed by the Sub-Adviser to seek to provide additional long-term total return. The Fund may invest directly in debt instruments; alternatively, the Sub-Adviser may choose to invest all or a portion of the Fund’s assets in one or more fixed-income funds managed by the Sub-Adviser. Debt instruments in which the Fund may invest include, by way of example, (i) securities or other income-producing instruments issued or guaranteed by the U.S. Government, its agencies, instrumentalities or sponsored corporations (including inflation-protected securities); (ii) corporate obligations (including foreign hybrid securities); (iii) mortgage-backed securities (including commercial and residential mortgage-backed securities) and other asset-backed securities (including commodity-linked derivatives), collateralized mortgage obligations (“CMOs”), government mortgage pass-through securities, multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (e.g., interest-only and principal-only securities), and inverse floaters; (iv) collateralized debt obligations (“CDOs”), including collateralized loan obligations (“CLOs”); (v) foreign securities (corporate and government), including emerging market securities; (vi) bank loans and assignments and other fixed and floating rate loans (including, among others, senior loans, second lien or other subordinated or unsecured fixed or floating rate loans, delayed funding loans and revolving credit facilities); (vii) municipal securities and other debt obligations issued by states, local governments, and government-sponsored entities, including their agencies, authorities, and instrumentalities; (viii) inflation-indexed bonds; (ix) convertible securities; (x) preferred securities; (xi) Real Estate Investment Trust (“REIT”) securities; (xii) distressed and defaulted securities; (xiii) payment-in-kind bonds; (xiv) zero-coupon bonds; (xv) custodial receipts, cash and cash equivalents; (xvi) short-term, high quality investments, including, for example, commercial paper, bankers’ acceptances, certificates of deposit, bank time deposits, repurchase agreements, and investments in money market mutual funds or similar pooled investments; and (xvii) other instruments bearing fixed, floating, or variable interest rates of any maturity. The Fund may invest in any level of the capital structure of an issuer of mortgage-backed or asset-backed securities, including the equity or “first loss” tranche. The Sub-Adviser may invest Fund assets in other funds managed by the Sub-Adviser from time to time in order to obtain the Fund’s desired investment exposure. Investing in other funds managed by the Sub-Adviser involves potential conflicts of interest. For example, the Sub-Adviser or its affiliates may receive fees based on the amount of assets invested in such other investment vehicles. This and other factors may give the Sub-Adviser an economic or other incentive to make or retain an investment for the Fund in an affiliated investment vehicle in lieu of other investments that may also be appropriate for the Fund. To reduce this potential conflict of interest, the Sub-Adviser has agreed to reduce its advisory fee to the extent of advisory fees paid to the Sub-Adviser or its affiliates by other investment vehicles in respect of assets of the Fund invested in those vehicles. The Fund’s portfolio of debt instruments will normally have an overall weighted average effective duration of not less than one year or more than eight years. Duration is a measure of the expected life of a fixed-income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage pre-payment rates. The longer a portfolio’s effective duration, the more sensitive it will be to changes in interest rates. The effective duration of the Fund’s portfolio of debt instruments may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the portfolio will always be within its target range. The Fund may invest in debt instruments of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating organization. Corporate bonds and certain other fixed-income instruments rated below investment grade, or such instruments that are unrated and determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as junk bonds. Generally, lower-rated debt securities offer a higher yield than higher-rated debt securities of similar maturity but are subject to greater risk of loss of principal and interest than higher-rated securities of similar maturity. The Fund may invest up to 33 1/3% of its net assets in junk bonds, bank loans and assignments rated below investment grade or unrated but determined by the Sub-Adviser to be of comparable quality, and credit default swaps of companies in the high yield universe. The Sub-Adviser does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset-backed securities, regardless of their credit rating or credit quality. The Fund may invest up to 5% of its net assets in defaulted corporate securities. Repayment of defaulted securities and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or in solvency proceedings) is subject to significant uncertainties. The Fund may invest a portion of its net assets in inverse floater securities and interest-only and principal-only securities. An inverse floater is a type of instrument, which may be backed by or related to a mortgage-backed security, that bears a floating or variable interest rate that moves in the opposite direction to movements in interest rates generally or the interest rate on another security or index. Interest-only and principal-only securities may also be backed by or related to a mortgage-backed security. As a result, they are highly sensitive to actual or anticipated changes in prepayment rates on the underlying securities. The Fund may invest a portion of its net assets in debt instruments (including hybrid securities) issued or guaranteed by companies, financial institutions and government entities in emerging market countries. An “emerging market country” is a country that, at the time the Fund invests in the related fixed-income instruments, is classified as an emerging or developing economy by any supranational organization such as the United Nations, or related entities, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Fund may invest in other investment companies, including, for example, other open-end or closed-end investment companies, ETFs, and domestic or foreign private investment vehicles, including investment companies sponsored or managed by the Sub-Adviser and its affiliates. The Fund may engage in short sales, either to earn additional return or to hedge existing investments. In managing the Fund’s debt instruments, under normal market conditions, the Sub-Adviser uses a controlled risk approach. The techniques of this approach attempt to control the principal risk components of the fixed-income markets and may include consideration of: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>security selection within a given sector;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>relative performance of the various market sectors;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>the shape of the yield curve; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>fluctuations in the overall level of interest rates.</td></tr></table> The Sub-Adviser also utilizes active asset allocation and monitors the duration of the Fund’s fixed-income securities to seek to mitigate the Fund’s exposure to interest rate risk. Under normal circumstances, to the extent use of the above-described derivatives strategy leaves a substantial portion of the Fund’s assets available for other investment by the Fund, the Fund intends to invest those assets in a portfolio of debt instruments managed by the Sub-Adviser to seek to provide additional long-term total return. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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. 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. 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. 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. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward foreign currency exchange contracts risk – Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain. 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. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Indexed and inverse securities risk – Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Fund’s investment in such instruments may decline significantly in value if interest rates or index levels move in a way the Fund’s investment manager does not anticipate. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Municipal securities risk – Municipal securities are subject to certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the debt securities of projects in the same or similar sectors (e.g., education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (e.g., general obligation bonds, private activity bonds and moral obligation bonds). Other occurrences, such as catastrophic natural disasters or acts of terrorism, can also adversely affect a state’s fiscal stability and affect the value of a Fund’s investment in municipal securities. The recent national economic crisis, among other factors, has caused deterioration in the economies of many states, resulting in an adverse impact on states’ spending, revenues and state budgets that has caused many states to operate under significant financial stress. Certain states or municipalities may file for, and enter bankruptcy proceedings. Legal and regulatory requirements related to state and municipal bankruptcy are evolving, which could affect the value of a Fund’s investment in municipal securities. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. Structured investments risk – A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund’s illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8F_eoef--BarChartTableTextBlock_z9PyLcjgott7"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9a" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000159263Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_zSPCVWzQ0Zml"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">18.90%</td></tr> <tr id="xdx_41E_20170101__20171231_zG6EkthTztsb"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">21.51%</td></tr> <tr id="xdx_417_20180101__20181231_zUDpD6XCxXCc"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.51%</td></tr> <tr id="xdx_415_20190101__20191231_zHSRjXmdL0o2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">33.66%</td></tr> <tr id="xdx_417_20200101__20201231_z6YiPz6aU6af" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">15.18%</td></tr> <tr id="xdx_41A_20210101__20211231_zL38ryOvEVea" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.01%</td></tr> <tr id="xdx_413_20220101__20221231_zRwB3J9B3o93"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-23.70%</td></tr> <tr id="xdx_41B_20230101__20231231_z7Vk8CaK899a"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">27.42%</td></tr> <tr id="xdx_41D_20240101__20241231_zYuQ4YVejPHc"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">13.06%</td></tr> <tr id="xdx_416_20250101__20251231_zvOQ8fOVwyUb"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.98%</td></tr> </table> <img alt="PerformanceBarChartData(2016:18.9,2017:21.51,2018:-4.51,2019:33.66,2020:15.18,2021:24.01,2022:-23.7,2023:27.42,2024:13.06,2025:8.98)" src="jnlst485bpos071.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.40%; Worst Quarter (ended 3/31/2020): -28.37% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMBcj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000159264Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_416_20180101__20181231_zHkxHnqfWc3f"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.23%</td></tr> <tr id="xdx_41C_20190101__20191231_zZCZFLgOOm2i"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">34.08%</td></tr> <tr id="xdx_411_20200101__20201231_zjGc6hs3B6E3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">15.53%</td></tr> <tr id="xdx_41D_20210101__20211231_zBbl5kOHTSX2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.39%</td></tr> <tr id="xdx_41D_20220101__20221231_zq7ezPOP14o9"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-23.49%</td></tr> <tr id="xdx_412_20230101__20231231_zVF3SmEy3oDd"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">27.81%</td></tr> <tr id="xdx_419_20240101__20241231_zvgoXbH4tZt2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">13.44%</td></tr> <tr id="xdx_419_20250101__20251231_zYkd5g5yFcGl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.29%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.23,2019:34.08,2020:15.53,2021:24.39,2022:-23.49,2023:27.81,2024:13.44,2025:9.29)" src="jnlst485bpos072.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.50%; Worst Quarter (ended 3/31/2020): -28.30% 0.1890 0.2151 -0.0451 0.3366 0.1518 0.2401 -0.2370 0.2742 0.1306 0.0898 Best Quarter 2020-06-30 0.2540 Worst Quarter 2020-03-31 -0.2837 -0.0423 0.3408 0.1553 0.2439 -0.2349 0.2781 0.1344 0.0929 Best Quarter 2020-06-30 0.2550 Worst Quarter 2020-03-31 -0.2830 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zfGpyI421DT"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zSSmW59mu9u7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zY1Hq2rPXa05" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zykCaOzuAfOg" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zCs5JTyfS1Th" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000159263Member_zuqFw8fuYBa2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DoubleLine® Shiller Enhanced CAPE® Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.98</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.23</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.17</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zSWyl7Fu1Spa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zKtEyIffhrK"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zenM299eN3z6"> </td> <td> </td> <td colspan="2" id="xdx_49E_20170925__20251231_z1kHPKyMc52i" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000159264Member_z6GMS15qnyj8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/DoubleLine® Shiller Enhanced CAPE® Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">9.29</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">8.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">11.04</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zpIj9MjIuJBb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0898 0.0823 0.1217 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 2017-09-25 0.0929 0.0856 0.1104 0.1788 0.1442 0.1482 JNL/DoubleLine® Total Return Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to maximize 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zATGEWLzhxZb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zsw8pduGAT0l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000218180Member_zY3S9MmeWTwk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zbqUyeAPdoK1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.43%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zC6QH3gGrBA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zD0tDOVsI4kb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zvBRPlJn71hj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000218181Member_zivW1u8qhzka" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zQJmdss9JfN2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.43%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfPLxIELFFXd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zJHWJOjhNM2j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zNK4S9w2JVqg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0043 0.0030 0.0010 0.0083 0.0043 0.0000 0.0010 0.0053 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zn6Mr7UmG7Vb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zoouHG2LaH26" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Total Return Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z3HXSCxtu8wj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zAuED9wKE9E6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zLhQrW8S03Re" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zmsnlJZlB4rj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218180Member_zruZb3GrVx41" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/DoubleLine® Total Return Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zzYi2lP70D69" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z5Fy3GxByUY3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zronmwjMAfXh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zh6fZOcUYYq3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000218181Member_zZT3SIEClwJ9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$170</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td></tr> </table> 85 265 460 1025 54 170 296 665 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_988_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068111Member_zfUiZ5xETJtg" style="border-bottom: black 1pt solid; width: 16%; text-align: right">29</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.29 Principal Investment Strategies. Under normal circumstances, the Fund intends to invest more than 50% of its net assets in residential and commercial mortgage-backed securities and U.S. Treasury obligations. These investments may include mortgage-backed securities of any maturity or type, including those guaranteed by, or secured by collateral that is guaranteed by, the United States Government, its agencies, instrumentalities or sponsored corporations, and privately issued mortgage-backed securities rated at the time of investment Aa3 or higher by Moody’s Investor Service, Inc. (“Moody’s”) or AA- or higher by S&P Global Ratings (“S&P”) or the equivalent by any other nationally recognized statistical rating organization or in unrated securities that are determined by DoubleLine Capital LP, the Fund’s sub-adviser (“Sub-Adviser”) to be of comparable quality. These investments also include, among others, government mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), multiclass pass-through securities, private mortgage pass-through securities, stripped mortgage securities (interest-only and principal-only securities) and inverse floaters. Since the Fund’s inception, the Fund has historically invested substantially all of its assets in the mortgage-backed securities described above; short-term investments, such as notes issued by U.S. Government agencies and shares of money market funds; and, from time to time, other asset-backed backed obligations, collateralized loan obligations (“CLOs”), collateralized debt obligations (“CDOs”), and obligations of the U.S. Government and its agencies, instrumentalities, or sponsored corporations. The Fund may invest in other instruments as part of its principal investment strategies, but it has not historically done so and there can be no assurance it will do so in the future. In managing the Fund’s portfolio, the Sub-Adviser typically uses a controlled-risk approach. The techniques of this approach attempt to control the principal risk components of the fixed income markets and may include, among other factors, consideration of the Sub-Adviser’s view of the following: the potential relative performance of various market sectors, security selection available within a given sector, the risk/reward equation for different asset classes, liquidity conditions in various market sectors, the shape of the yield curve and projections for changes in the yield curve, potential fluctuations in the overall level of interest rates, and current fiscal policy. Under normal circumstances, the Fund intends to invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds. Bonds include bonds, debt securities, and other fixed income instruments issued by governmental or private-sector entities. For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments that have economic characteristics similar to the fixed-income instruments mentioned above. The Fund may invest in bonds of any credit quality, including those that are at the time of investment unrated or rated BB+ or lower by S&P or Ba1 or lower by Moody’s or the equivalent by any other nationally recognized statistical rating organization. Bonds and fixed income instruments rated below investment grade, or such instruments that are unrated and determined by the Sub-Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as junk bonds. The Fund may invest up to 33⅓% of its net assets in junk bonds, bank loans and assignments rated below investment grade or unrated but determined by the Sub-Adviser to be of comparable quality, and credit default swaps of companies in the high yield universe. The Sub-Adviser does not consider the term “junk bonds” to include any mortgage-backed securities or any other asset-backed securities (“ABS”), regardless of their credit rating or credit quality. The Fund may invest a portion of its net assets in inverse floater securities and interest-only and principal-only securities. The Sub-Adviser monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. The Sub-Adviser may seek to manage the duration of the Fund’s portfolio through the use of derivative instruments and other investments (including, among others, inverse floaters, futures contracts, U.S. Treasury swaps, interest rate swaps, total return swaps and options, including options on swap agreements). The Fund incurs costs in implementing duration management strategies, and there can be no assurance that the Fund will engage in duration management strategies or that any duration management strategy employed by the Fund will be successful. In managing the Fund’s investments, under normal market conditions, the Sub-Adviser intends to seek to construct an investment portfolio with a weighted average effective duration of no less than one year and no more than eight years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a security’s price to changes in interest rates. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate changes on bond and mortgage prepayment rates. For example, the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if interest rates rose by one percentage point. The effective duration of the Fund’s investment portfolio may vary materially from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its target range. The Fund may invest its assets in derivative instruments, such as options, futures contracts, swap agreements, commodity-linked derivatives, or in mortgage-backed securities or ABS. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. Portfolio securities may be sold at any time. By way of example, sales may occur when the Sub-Adviser determines to take advantage of what the Sub-Adviser considers to be a better investment opportunity, when the Sub-Adviser believes the portfolio securities no longer represent relatively attractive investment opportunities, when the Sub-Adviser perceives deterioration in the credit fundamentals of the issuer, or when the Sub-Adviser believes it would be appropriate to do so in order to readjust the duration of the Fund’s investment portfolio. Under normal circumstances, the Fund intends to invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Collateralized debt obligations risk – Collateralized debt obligations (CDOs) are subject to credit, interest rate, valuation, prepayment and extension risks. In addition, CDOs carry additional risks, including but not limited to: (i) the possibility that distributions from the collateral will not be adequate to make interest or other payments; (ii) the risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical rating organization; (iii) the Fund may invest in tranches of CDOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; (v) the investment returns achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs; (vii) risk of a forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the CDO’s manager may perform poorly. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. 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 Fund’s 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. 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. Model risk – The Sub-Adviser relies heavily on quantitative models and information and data supplied or made available by third parties (“Models and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund’s investments. The Fund bears the risk that the proprietary quantitative models used by the portfolio managers will not be successful in identifying securities that will help the Fund achieve its investment objectives, which may cause the Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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. The performance data includes the performance of the JNL/DoubleLine® Total Return Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A82_eoef--BarChartTableTextBlock_zVuEhi6yylwe"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9e" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218180Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_414_20160101__20161231_zFc5W9gONmda"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">2.05%</td></tr> <tr id="xdx_41F_20170101__20171231_zHOkczmjq3pf"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">4.16%</td></tr> <tr id="xdx_41D_20180101__20181231_zEx3fG0jIEr5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.71%</td></tr> <tr id="xdx_41B_20190101__20191231_zceY0Z8XTCP1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">5.62%</td></tr> <tr id="xdx_413_20200101__20201231_zJssY93yqpl9" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">2.66%</td></tr> <tr id="xdx_41D_20210101__20211231_zbAvDEEtF361" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.43%</td></tr> <tr id="xdx_413_20220101__20221231_zzl8Ob4qU4l1"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.02%</td></tr> <tr id="xdx_417_20230101__20231231_z1hApxKIYSo4"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">5.09%</td></tr> <tr id="xdx_412_20240101__20241231_z412v9v17uU1"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.56%</td></tr> <tr id="xdx_41D_20250101__20251231_zUgh6XiC2GXl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.59%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.05,2017:4.16,2018:1.71,2019:5.62,2020:2.66,2021:-0.43,2022:-13.02,2023:5.09,2024:2.56,2025:7.59)" src="jnlst485bpos073.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.36%; Worst Quarter (ended 3/31/2022): -4.86% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9vD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218181Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_zZobNbvAVlc6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">2.11%</td></tr> <tr id="xdx_41C_20190101__20191231_zTIP0rzKuQ94"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">5.91%</td></tr> <tr id="xdx_415_20200101__20201231_zhG87JaJQsLl" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">3.01%</td></tr> <tr id="xdx_418_20210101__20211231_zYkyAApRW8Og" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.17%</td></tr> <tr id="xdx_41A_20220101__20221231_zjONvHsSZvE5"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-12.75%</td></tr> <tr id="xdx_410_20230101__20231231_zZBrKKn7Jmyg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">5.43%</td></tr> <tr id="xdx_41E_20240101__20241231_zlnM8ZWmydEk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.90%</td></tr> <tr id="xdx_415_20250101__20251231_zjsrRkge5wF3"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.92%</td></tr> </table> <img alt="PerformanceBarChartData(2018:2.11,2019:5.91,2020:3.01,2021:-0.17,2022:-12.75,2023:5.43,2024:2.9,2025:7.92)" src="jnlst485bpos074.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.48%; Worst Quarter (ended 3/31/2022): -4.82% 0.0205 0.0416 0.0171 0.0562 0.0266 -0.0043 -0.1302 0.0509 0.0256 0.0759 Best Quarter 2023-12-31 0.0636 Worst Quarter 2022-03-31 -0.0486 0.0211 0.0591 0.0301 -0.0017 -0.1275 0.0543 0.0290 0.0792 Best Quarter 2023-12-31 0.0648 Worst Quarter 2022-03-31 -0.0482 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zXYkGBmQPgUl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zRcX7oD6hbrb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zw0zb7bLozHd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zq6QPvfWO9m8" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zGwUsgMGeqx4" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218180Member_zi0Ym7BJjeKe" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/DoubleLine® Total Return Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.59</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z6HhgfdfJsp7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zZzwGnitJWUa"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zC0Kn6NLU0kc"> </td> <td> </td> <td colspan="2" id="xdx_494_20170925__20251231_zqYYxmr37q05" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218181Member_zYP2rVCDDCb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/DoubleLine® Total Return Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">7.92</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">0.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">1.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zzCQMI5RMFhl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0759 0.0009 0.0165 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 2017-09-25 0.0792 0.0039 0.0159 0.0730 -0.0036 0.0172 JNL/Dreyfus Government Money Market Fund Class A Class I Investment Objective. The investment objective of the Fund is to achieve as high a level of current income as is consistent with the preservation of capital and maintenance of liquidity. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zudjI72y2KQ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zrPchg1qbK0k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000004654Member_zsgAy5GlQr0d" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zfMrjtYHXAt8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQw71qfR73Ya" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z4wuY0FRZ7Be" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zTczqsllhQK2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000067985Member_zzxB5kGLQVhf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zgyZoe25cnQ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zA6StLGyd908" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zA8zu3eipepg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zOwlxdrU8pGb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0016 0.0030 0.0010 0.0056 0.0016 0.0000 0.0010 0.0026 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoC364KZ6OO4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zrGf4Y7Y5ycf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Dreyfus Government Money Market Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z5i9JEF9MQxg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zZ7QadTJIMR6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zR7xTNwWA8Ak" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zGaZMyd2cehi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000004654Member_zYC6O65hZM2g" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$179</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$313</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$701</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Dreyfus Government Money Market Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zcgn8daO7Lvf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zcBqVDvHndm7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zyAnvjvnKXb2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zVid5O3GLdK8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000067985Member_zYArPVSjVnP1" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$146</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$331</td></tr> </table> 57 179 313 701 27 84 146 331 Principal Investment Strategies. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are “collateralized fully” (i.e., collateralized by cash or government securities). The government securities typically have a maximum remaining maturity of 397 calendar days and the repurchase agreements are collateralized by cash or government securities. Under normal circumstances, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in government securities or repurchase agreements collateralized by government securities. As a government money market fund, the Fund is exempt from requirements that permit money market funds to impose a liquidity fee. While the Fund’s Board of Trustees may elect to subject the Fund to liquidity fee requirements in the future, the Board of Trustees has not elected to do so at this time. The Fund seeks to maintain a stable net asset value of $1.00 per share, neither the Federal Deposit Insurance Company, nor any other government agency insures or protects your investment. Under normal circumstances, the Fund seeks to achieve its investment objective by investing at least 99.5% of its total assets in cash, U.S. Government securities, and/or repurchase agreements that are “collateralized fully” (i.e., collateralized by cash or government securities). You could lose money by investing in the Fund. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. Repurchase agreements, purchase and sale contracts risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security under a repurchase agreement or purchase and sale contract, and the market value of the security declines, the Fund may lose money. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. Prior to September 19, 2016, the Fund was operated as a prime money market fund. Effective September 19, 2016, the Fund operates as a government money market fund and, as such, invests at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are “collateralized fully” (i.e., backed by cash or government securities). Performance prior to October 21, 2024 reflects the Fund’s results when managed by the former sub-adviser, Wellington Management Company LLP. The 7-day yield of Class A on December 31, 2025, was 3.27%. The 7-day yield of Class I on December 31, 2025, was 3.57%. 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 7-day yield of Class A on December 31, 2025, 0.0327 The 7-day yield of Class I on December 31, 2025, 0.0357 <div id="xdx_A8C_eoef--BarChartTableTextBlock_zXNMHzBR85r5"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9n" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004654Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20160101__20161231_zvdPzp1TSTi9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.00%</td></tr> <tr id="xdx_415_20170101__20171231_zvxKVKDk71ma"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">0.13%</td></tr> <tr id="xdx_419_20180101__20181231_zD4vTizFsxd6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.13%</td></tr> <tr id="xdx_414_20190101__20191231_zROIfXhDzfPe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">1.54%</td></tr> <tr id="xdx_41B_20200101__20201231_zw550ziiNFQ2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">0.21%</td></tr> <tr id="xdx_411_20210101__20211231_zuthgDHHmaR2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.00%</td></tr> <tr id="xdx_41C_20220101__20221231_z0Whkbwbddc"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">0.92%</td></tr> <tr id="xdx_412_20230101__20231231_zhPjdwyN8Cn1"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.39%</td></tr> <tr id="xdx_418_20240101__20241231_zmUcBLQaMDte"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.77%</td></tr> <tr id="xdx_410_20250101__20251231_zygWP1UYLZ1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.78%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0,2017:0.13,2018:1.13,2019:1.54,2020:0.21,2021:0,2022:0.92,2023:4.39,2024:4.77,2025:3.78)" src="jnlst485bpos075.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 1.22%; Worst Quarter (ended 3/31/2022): 0.00% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9nD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067985Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20160101__20161231_z1UZcVuJZNP7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.00%</td></tr> <tr id="xdx_41D_20170101__20171231_zJ5ktzj6VDe3"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">0.38%</td></tr> <tr id="xdx_41A_20180101__20181231_zVVexNVszqb5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.64%</td></tr> <tr id="xdx_419_20190101__20191231_z3yji94OI93e"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">2.00%</td></tr> <tr id="xdx_41E_20200101__20201231_zM5AcOiZWIuf" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">0.31%</td></tr> <tr id="xdx_418_20210101__20211231_zIEx0JmSTPZj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.04%</td></tr> <tr id="xdx_417_20220101__20221231_zhCwHeEjiFW4"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">1.27%</td></tr> <tr id="xdx_41E_20230101__20231231_zKTM3DjqAGSk"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.86%</td></tr> <tr id="xdx_41C_20240101__20241231_zDuX34RGyGLc"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.07%</td></tr> <tr id="xdx_415_20250101__20251231_z4Z1P79p2Mu9"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">4.09%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0,2017:0.38,2018:1.64,2019:2,2020:0.31,2021:0.04,2022:1.27,2023:4.86,2024:5.07,2025:4.09)" src="jnlst485bpos076.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 1.30%; Worst Quarter (ended 3/31/2022): 0.00% 0.0000 0.0013 0.0113 0.0154 0.0021 0.0000 0.0092 0.0439 0.0477 0.0378 Best Quarter 2023-12-31 0.0122 Worst Quarter 2022-03-31 0.0000 0.0000 0.0038 0.0164 0.0200 0.0031 0.0004 0.0127 0.0486 0.0507 0.0409 Best Quarter 2023-12-31 0.0130 Worst Quarter 2022-03-31 0.0000 <div id="xdx_A87_eoef--PerformanceTableTextBlock_z3tRYAvZjTU7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zRGlInMNa6wl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zKsdHaj96DI" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zuoV9G7bgnD6" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zab7Nqk6PNul" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004654Member_zRfOaU4xORl9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Dreyfus Government Money Market Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.78</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.75</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zpqp19G2Nlfd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSD1MonthSwapRateCashDepositIndexSpliceMember_zL9nxN5tipok" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg USD 1 Month Swap Rate Cash Deposit Index SPLICE (reflects no deduction for fees, expenses, or taxes)*</td> <td style="border-bottom: black 1pt solid; text-align: right">4.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.32</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.20</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 2%; text-align: left">*</td><td style="text-align: left; width: 98%">Index performance through December 30, 2020 reflects the performance of the FTSE U.S. Treasury Bill Index (1-month). Index performance beginning December 31, 2020 reflects the performance of the Bloomberg USD 1 Month Swap Rate Cash Deposit Index.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zQvQ6iBGBn7d" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zELUkeGzTfPd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zIdx0z7h3jG5" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067985Member_zxGuAygnXNB6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Dreyfus Government Money Market Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.09</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.05</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zMphb9zOq782" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSD1MonthSwapRateCashDepositIndexSpliceMember_zhcnfLL8b4j5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg USD 1 Month Swap Rate Cash Deposit Index SPLICE (reflects no deduction for fees, expenses, or taxes)*</td> <td style="border-bottom: black 1pt solid; text-align: right">4.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.32</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.20</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 2%; text-align: left">*</td><td style="text-align: justify; width: 98%">Index performance through December 30, 2020 reflects the performance of the FTSE U.S. Treasury Bill Index (1-month). Index performance beginning December 31, 2020 reflects the performance of the Bloomberg USD 1 Month Swap Rate Cash Deposit Index.</td> </tr></table> 0.0378 0.0275 0.0167 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0438 0.0332 0.0220 0.0409 0.0305 0.0195 0.0730 -0.0036 0.0201 0.0438 0.0332 0.0220 JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund (formerly, JNL/ClearBridge Large Cap Growth Fund) Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_z6M1r8KAy7s8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zd7TjqwaZlof" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000192056Member_zwiVsrU3Xawf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zsZaaTBgKHgi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zeBWHHl3XbXl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zHBO3geR1Vw2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zq3v9fW35JB3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.94%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000192057Member_zTfZbtHWxUT6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zAHOyUf8ERRg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztoTh18TBVJ4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_z3xD8axSx0s5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_z16r1RNpkcN2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0048 0.0030 0.0016 0.0094 0.0048 0.0000 0.0016 0.0064 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zG7DTkG3aFTf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zR8GkX0kKG6l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_dn_zso7hImm7LR1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zPBuGvhZ2Wa8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_z1QLHLiXpe7e" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z2N0YTvYIYX6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000192056Member_zYvtrmFntET9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$96</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$300</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$520</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,155</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_dn_z7GWw8UOdl5g" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zJG2Nu1wLg8a" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zbNeIV4X9Jzi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zwmorB1cCZP7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192057Member_zhX5yIDav0v5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$205</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$357</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$798</td></tr> </table> 96 300 520 1155 65 205 357 798 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98F_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000058487Member_zJGSxFbv4CQ5" style="border-bottom: black 1pt solid; width: 16%; text-align: right">22</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund when operating under its former investment strategy. 0.22 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 equity securities or other equity investments with large market capitalizations. Large-capitalization companies are those companies with market capitalizations similar to companies in the Morningstar US Target Market Exposure Index (the “Index”). The size of the companies in the Index changes with market conditions and the composition of the Index. As of December 31, 2025, the range of such companies in the Index was $11.6 billion to $4.5 trillion. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. 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. 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. Two 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. The Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the Fund’s 80% policy and are consistent with the Fund’s investment policies and limitations with respect to investments in derivatives. 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. JPMorgan Strategy J.P. Morgan Investment Management Inc. (“JPMorgan”) that seeks to identify companies with positive price momentum and attractive fundamentals. JPMorgan seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes. JPMorgan’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to JPMorgan Strategy’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by JPMorgan while the JPMorgan Strategy may divest or not invest in securities of issuers that may be positively impacted by such factors. FIAM Strategy FIAM LLC (“FIAM”) constructs the strategy by investing primarily in common stocks of blue chip growth companies that FIAM believes are well-known, well-established and well-capitalized, which generally have large or medium market capitalizations. FIAM invests in “growth companies,” which are companies that FIAM believes have above average growth potential. FIAM considers a number of factors in determining a company’s growth potential, such as whether the company is included in a third-party growth benchmark or classified as a growth company by a third-party vendor, if the company’s projected earnings per share growth, sales growth per share or free cash flow growth or its trailing earnings per share growth is above the equity market median, if the company’s research and development expenses exceed sales, general and administrative expenses, or if the company is raising capital to grow, fund or expand its business. A company’s growth potential can be determined under any of these factors. FIAM uses fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions, to select investments. FIAM may invest the assets of the FIAM strategy in securities of foreign issuers in addition to securities of domestic issuers. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities or other equity investments with large market capitalizations. Large-capitalization companies are those companies with market capitalizations similar to companies in the Morningstar US Target Market Exposure Index (the “Index”) As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z33HswKiFPaf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zu0cCQdrOfQ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zdpm4nAyXJV2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zaDlNNDzvXy6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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).</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zATsG9oU8gsk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zYI1WO1J5hn1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zRuGQq4C9Pil"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zQPHU4Z3pCUe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zfaSSsSFwu6c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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-Advisers’ 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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionaryRiskMember_zLeYkXKZYf81"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zOB5EE5obvMi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIixODJB7WDl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zkuyuoAsxsv5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z4WZ76d1v09j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zHsDqSgXNmB8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. Performance prior to April 27, 2026 reflects the Fund’s results when managed by the former sub-adviser, ClearBridge Investments, LLC. 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. 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. <div id="xdx_A8C_eoef--BarChartTableTextBlock_zqtlBbqz5UWl"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_dU_zwuJYEF6HCvk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192056Member_zo4sTuCdUKW" style="font-weight: bold; text-align: left; width: 50%">56</td></tr> <tr id="xdx_41A_20180101__20181231_zIXUJsRNEUHc"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.09%</td></tr> <tr id="xdx_419_20190101__20191231_zaQPJHRygcda"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.67%</td></tr> <tr id="xdx_41D_20200101__20201231_zyA0P43U5bW" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">30.50%</td></tr> <tr id="xdx_412_20210101__20211231_zMQdgqmq0cre" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">21.17%</td></tr> <tr id="xdx_418_20220101__20221231_zyXV85lbqyT8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-32.51%</td></tr> <tr id="xdx_414_20230101__20231231_zLG3wmIY36F" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">44.55%</td></tr> <tr id="xdx_41D_20240101__20241231_zkoWO4s3j5f1" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">27.55%</td></tr> <tr id="xdx_417_20250101__20251231_zKSWhtW1kYY4" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">9.05%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-0.09,2019:31.67,2020:30.5,2021:21.17,2022:-32.51,2023:44.55,2024:27.55,2025:9.05)" src="jnlst485bpos077.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.93%; Worst Quarter (ended 6/30/2022): -22.71% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zj7uxWVUU9Cl" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192057Member_zLL7F2O33uNj" style="font-weight: bold; text-align: left; width: 50%">57</td></tr> <tr id="xdx_41A_20180101__20181231_zQFQbpCGwYy8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.18%</td></tr> <tr id="xdx_419_20190101__20191231_zPoDjJlGsKyj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.92%</td></tr> <tr id="xdx_41D_20200101__20201231_z7UE6jvWlrMe" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">30.96%</td></tr> <tr id="xdx_412_20210101__20211231_zwVRMBdg3V63" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">21.57%</td></tr> <tr id="xdx_418_20220101__20221231_zzYUFw8imD68" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-32.33%</td></tr> <tr id="xdx_414_20230101__20231231_z3SZWqJApC4h" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">45.05%</td></tr> <tr id="xdx_41D_20240101__20241231_znum1FMEzMi3" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">27.89%</td></tr> <tr id="xdx_417_20250101__20251231_zUsh02RKFmni" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">9.39%</td></tr> </table> <img alt="PerformanceBarChartData(2018:0.18,2019:31.92,2020:30.96,2021:21.57,2022:-32.33,2023:45.05,2024:27.89,2025:9.39)" src="jnlst485bpos078.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.90%; Worst Quarter (ended 6/30/2022): -22.66% -0.0009 0.3167 0.3050 0.2117 -0.3251 0.4455 0.2755 0.0905 Best Quarter 2020-06-30 0.2593 Worst Quarter 2022-06-30 -0.2271 0.0018 0.3192 0.3096 0.2157 -0.3233 0.4505 0.2789 0.0939 Best Quarter 2020-06-30 0.2590 Worst Quarter 2022-06-30 -0.2266 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zsipCel84RM8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zttlrzz0b5F4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zWQHZaab3Xkf"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zuLdKWrnrpG5"> </td> <td> </td> <td colspan="2" id="xdx_496_20170925__20251231_zq3j0p2n7ora" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192056Member_zZKKdw48A9yj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">9.05</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.46</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">14.48</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zcQs6QaKqKu6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zbNY9sStGYUc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">17.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zp5hwQAKeQFj"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zFz3HmOgU3zg"> </td> <td> </td> <td colspan="2" id="xdx_496_20170925__20251231_zUkwcWU8UrWi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192057Member_zuDI1xh6Rrm" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Fidelity Institutional AM® & JPMorgan Large Cap Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">9.39</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.79</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zYvJouuBjP92" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zwSYQlhNjQr6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">17.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.0905 0.1046 0.1448 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1476 0.1667 0.1344 0.1709 2017-09-25 0.0939 0.1079 0.1482 0.1780 0.1388 0.1476 0.1667 0.1344 0.1709 JNL/Fidelity Institutional AM® Total Bond Fund (formerly, JNL/Fidelity Institutional Asset Management® Total Bond Fund) Class A Class I Investment Objective. The investment objective of the Fund is to seek 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zEZJKWU1IxW6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zWpzfx2FVych" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000004648Member_zlkJiKb22stg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z8wUGSbFlqRg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zBOvQr1tY0Ug" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zDYfMMUpwVGi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zGIEStWu7Ug8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000067979Member_zBWEPQdEtOQa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zxD80fiKyVn3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zompNCtxVyuj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zxemGLUD2573" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zoDU7lWnLcmh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0036 0.0030 0.0010 0.0076 Expense information has been restated to reflect current fees. 0.0036 0.0000 0.0010 0.0046 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYw0ANqn1s54"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zPonsOGZCEg4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Fidelity Institutional AM® Total Bond Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zvht5CazFMWb" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z0kcPWxYXNei" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zvqIvTYp9CF7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zMMd1BcRc254" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000004648Member_zyrbkSqDXKMc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Fidelity Institutional AM® Total Bond Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zypIIms8zC1h" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zB1tmsVI6Mbj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zUI4Zl1m7F9j" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z9fNDq9qmTH9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000067979Member_zr7EjlOnNbVh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$148</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$258</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$579</td></tr> </table> 78 243 422 942 47 148 258 579 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_984_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000001741Member_zgx1Flf8EMPb" style="border-bottom: black 1pt solid; width: 16%; text-align: right">51</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.51 Principal Investment Strategies. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities of all types and repurchase agreements for those securities. The Fund may invest up to 20% of its assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as “high yield debt securities” or “junk bonds”). FIAM LLC, the Fund’s sub-adviser (“Sub-Adviser”), uses the Bloomberg U.S. Aggregate Index (the “Index”) as a guide in allocating the Fund’s assets across the investment-grade, high yield, and emerging market asset classes. The Sub-Adviser manages the Fund to have similar overall interest rate risk to the Index. The Sub-Adviser may invest the Fund’s assets in securities of foreign issuers in addition to securities of domestic issuers. The Sub-Adviser allocates the Fund’s assets among different asset classes, different market sectors (for example, corporate, asset-backed, or government securities), and different maturities based on the Sub-Adviser’s view of the relative value of each sector or maturity. The Sub-Adviser analyzes the credit quality of the issuer, the issuer’s potential for success, the credit, currency, and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. The Sub-Adviser may engage in transactions that have a leveraging effect on the Fund, including investments in derivatives, regardless of whether the Fund may own the asset, instrument, currency, or components of the index underlying the derivative, and forward-settling securities. The Sub-Adviser may invest a significant portion of the Fund’s assets in these types of investments. The Fund’s derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, commodity-linked derivatives, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. Depending on the Sub-Adviser’s outlook and market conditions, the Sub-Adviser may engage in these transactions to increase or decrease the Fund’s exposure to changing security prices, interest rates, credit qualities, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index. In addition to the principal investment strategies discussed above, the Sub-Adviser may invest in collateralized loan obligations. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in debt securities of all types and repurchase agreements for those securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zeFNqa61gxt8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zst2wLELzhHi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zeOekPV8ygra"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zamr3XbuTAJ9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z7PRBKKkzUPi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zs4IJqSIMbP2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zZLBeWkKBsRf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrepaymentsRiskMember_zLN5ez04l7xb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z1XTg0WxIrt3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zi8cRgGkFs84"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Reverse repurchase agreements risk – Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if the value of collateral held by the Fund, including the value of the investments made with the cash received from the sale of securities, is less than the value of the securities sold by the Fund. These events could also trigger adverse tax consequences to the Fund.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_z3RuB60IJan3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zE4o7XXpSsRe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapsRiskMember_zDe4pVaUeaG8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardAndFuturesContractRiskMember_zXj3ZzfansX8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zy3UbAbBqtub"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zjFYXMFpfye6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityLinkedDerivativesRiskMember_zTDjdrv8tpTi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments.</td></tr></table> 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. 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. Performance prior to June 24, 2019 reflects the Fund’s results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. 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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zufY4RLUibi3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_dU_zco6ohaDau92" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004648Member_zuR9f6m5Skcl" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20160101__20161231_zG7AvoREJXHg"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">2.10%</td></tr> <tr id="xdx_41F_20170101__20171231_zvGguHMVvmX5"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.02%</td></tr> <tr id="xdx_41D_20180101__20181231_zgXhDCfUHjpj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.59%</td></tr> <tr id="xdx_419_20190101__20191231_zuuXoSlxzL45"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.23%</td></tr> <tr id="xdx_41C_20200101__20201231_zE3EDQ12AkTb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.41%</td></tr> <tr id="xdx_416_20210101__20211231_zBAilXOrq9a9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.69%</td></tr> <tr id="xdx_419_20220101__20221231_zQBoOpaCYXPh"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.46%</td></tr> <tr id="xdx_413_20230101__20231231_zTWrEurSntR9"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">6.70%</td></tr> <tr id="xdx_419_20240101__20241231_z7iogDSwTuo5"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">1.76%</td></tr> <tr id="xdx_416_20250101__20251231_zRJ64hE095a"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.49%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.1,2017:3.02,2018:-1.59,2019:9.23,2020:8.41,2021:-0.69,2022:-13.46,2023:6.7,2024:1.76,2025:7.49)" src="jnlst485bpos079.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 7.18%; Worst Quarter (ended 6/30/2022): -6.39% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zI4m7ku4fDh" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_481_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067979Member_zBqIulUxKgtl" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20160101__20161231_zEM1luhmJBah"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">2.33%</td></tr> <tr id="xdx_419_20170101__20171231_zy01QXzJMg96"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.27%</td></tr> <tr id="xdx_416_20180101__20181231_zbaTSlpap01"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.29%</td></tr> <tr id="xdx_414_20190101__20191231_zwKOIe2NqxBa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.56%</td></tr> <tr id="xdx_418_20200101__20201231_z0Q1eAwHs675" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.66%</td></tr> <tr id="xdx_41E_20210101__20211231_z1XTdlWwMEmf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.38%</td></tr> <tr id="xdx_41D_20220101__20221231_zuyjYT6yitJc"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.21%</td></tr> <tr id="xdx_41A_20230101__20231231_zEnVVeb1IpLd"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">7.04%</td></tr> <tr id="xdx_416_20240101__20241231_zqTCUlPuh9z8"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.11%</td></tr> <tr id="xdx_41D_20250101__20251231_ztYI5tZGKLwj"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.22%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.33,2017:3.27,2018:-1.29,2019:9.56,2020:8.66,2021:-0.38,2022:-13.21,2023:7.04,2024:2.11,2025:7.72)" src="jnlst485bpos080.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 7.23%; Worst Quarter (ended 6/30/2022): -6.31% 0.0210 0.0302 -0.0159 0.0923 0.0841 -0.0069 -0.1346 0.0670 0.0176 0.0749 Best Quarter 2023-12-31 0.0718 Worst Quarter 2022-06-30 -0.0639 0.0233 0.0327 -0.0129 0.0956 0.0866 -0.0038 -0.1321 0.0704 0.0211 0.0722 Best Quarter 2023-12-31 0.0723 Worst Quarter 2022-06-30 -0.0631 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zwmBhEo0ZAI"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_ziwoQhQ7Ftol" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zVFZ8nZbOaI5" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zS9H3R0fJzua" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zyWwp9EflZh3" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004648Member_zVrfdo687Slg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Fidelity Institutional AM® Total Bond Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.49</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.06</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zcBLeurDA573" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zfegHXqM0JR7" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zLgQsu7muMG8" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_ziwxxLR2qJv3" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067979Member_z88JbPXPlL36" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Fidelity Institutional AM® Total Bond Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.72</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.36</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.37</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zGprM2P5pDl1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0749 0.0006 0.0209 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0772 0.0036 0.0237 0.0730 -0.0036 0.0201 JNL/First Sentier Global Infrastructure Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek total return through growth of capital and inflation-protected 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zRqD7W2cXJk8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zjOFwPuzm23d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000106863Member_zUZfjQaj0Ks5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zLSXgZeR7GSl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.70%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_ziUnK6p7JAR5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zFuJQLGYlNI4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zOsMYvW8lqS7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.16%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: bottom"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000106864Member_zhzee5iPsYO1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zeIEHhSGcFSk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.70%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zsQ8OZcKNg47" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zmDEbuvzSOch" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zUh9pR1xoWPj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0070 0.0030 0.0016 0.0116 0.0070 0.0000 0.0016 0.0086 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvS8XD3uNgva"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zwXoAmv1v1a2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/First Sentier Global Infrastructure Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zxieNGvmWDOk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_ztS3P163GJzh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zgNw13OTZEU" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zkRxfkX2gBCb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000106863Member_zALcZZUkD40f" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$118</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$638</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,409</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/First Sentier Global Infrastructure Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zuHIkVInYr17" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zxZj4zp2ypd8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zpAR4RBYtVub" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zuJpLEoIQJr3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000106864Member_zj7KWDkFTGCe" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$477</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,061</td></tr> </table> 118 368 638 1409 88 274 477 1061 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98B_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000034689Member_zZOkyVMu2Ghl" style="border-bottom: black 1pt solid; width: 16%; text-align: right">59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.59 Principal Investment Strategies. The Fund, under normal market conditions, invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in publicly traded equity securities of infrastructure companies. The Fund will typically invest in U.S. and non-U.S. (foreign markets), which may include developing and emerging market countries. The Fund defines non-U.S. companies as companies (i) that are organized under the laws of a foreign country; (ii) whose principal trading market is in a foreign country; or (iii) that have a majority of their assets, or that derive a significant portion of their revenue or profits from businesses, investments or sales, outside of the United States. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Fund’s sub-adviser, in which case the Fund would invest at least 30%) in non-U.S. infrastructure companies. The Fund defines an infrastructure company as one that exhibits the characteristics of high barriers to entry, strong pricing power, predictable cash flows and sustainable growth. The Fund defines infrastructure assets, among other things, as the physical structures, networks and systems of transportation, energy, water, waste, and communication. Given the evolving nature of the global listed infrastructure market, the Fund may hold securities outside of the above sectors as long as they meet the Fund’s definition of an infrastructure company. The equity securities in which the Fund may invest include, but are not limited to, common and preferred stock of companies of any size market capitalizations. The foreign securities in which the Fund may invest include, but not limited to, depositary receipts, such as American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”). The Fund may also invest in initial public offerings (“IPOs”). The Fund may invest without limit in stapled securities to gain exposure to infrastructure companies in Australia. The value of stapled securities and the income derived from them may fall as well as rise. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund. The Fund may invest in real estate investment trusts (“REITs”) and in limited partnerships and master limited partnerships (“MLPs”) listed on a domestic or foreign exchange that meet the Fund’s definition of an infrastructure company. The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission (“SEC”) but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. The Fund’s investment strategy is based on active, bottom-up stock selection which seeks to identify mispricing. The strategy seeks to minimize risk through on-the-ground research, a focus on quality, and sensible portfolio construction. Under normal market conditions, the Fund invests significantly (ordinarily at least 40% — unless market conditions are not deemed favorable by the Fund’s sub-adviser, in which case the Fund would invest at least 30%) in non-U.S. infrastructure companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InfrastructureCompaniesRiskMember_zxuntEZz3Oi7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Infrastructure companies risk – Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Some of the specific risks that infrastructure companies may be particularly affected by, or subject to, include the following: regulatory risk, technology risk, regional or geographic risk, natural disasters risk, through-put risk, project risk, strategic asset risk, operation risk, customer risk, interest rate risk, inflation risk and financing risk.</td></tr></table> In particular, the operations of infrastructure projects are exposed to unplanned interruptions caused by significant catastrophic events, such as cyclones, earthquakes, landslides, floods, explosion, fire, terrorist attack, major plant breakdown, pipeline or electricity line rupture or other disasters. Operational disruption, as well as supply disruption, could adversely impact the cash flows available from these assets. Further, national and local environmental laws and regulations affect the operations of infrastructure projects. Standards are set by these laws, and regulations are imposed regarding certain aspects of health and environmental quality, and they provide for penalties and other liabilities for the violation of such standards, and establish, in certain circumstances, obligations to remediate and rehabilitate current and former facilities and locations where operations are, or were, conducted. These laws and regulations may have a detrimental impact on the financial performance of infrastructure projects. <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z7fbRUtD3FZ4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zSDIxMo7UGo9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zrSIPTxsLuMj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_z19s0u9FCpA7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zCLrDvpx1ovi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_zuKYvgZglhPi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zGeS1MzMsPO2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_znszc4zZCCo"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EuropeanInvestmentRiskMember_zgTyppGnOEdf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zFZ5ZGMN3mQ3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zx7LPHBFHG4g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--StapledSecuritiesRiskMember_zcaxsoPgz0W3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Stapled securities risk – A stapled security is comprised of two different securities—a unit of a trust and a share of a company—that are “stapled” together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. Stapled securities are not obligations of, deposits in, or guaranteed by, the Fund. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MasterLimitedPartnershipRiskMember_znwgG6uVUIze"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Master limited partnership risk – An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulationSSecuritiesRiskMember_zIj5WprnmXpe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Regulation S securities risk – Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_zr3XM1bf1cj6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInIposRiskMember_z2mZ12GCrZGb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zDdI3S9DqCGe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zycSis4rVCs3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentRiskMember_zjRc7vQGhGce"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zrAOJJN2WCd5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AccountingRiskMember_zMzChwqLohMa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zy5PQpj2IVoe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zGqG433lu8cd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PreferredStockRiskMember_zJojsvTVxGhe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zpu9dnUcQQyb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--VolatilityRiskMember_zcjVl4TKi32f"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zmo6vMBtUKtf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zRjwIGIkRADf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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 prior to August 13, 2018 reflects the Fund’s results when managed by the former sub-adviser, Brookfield Investment Management, Inc. 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. 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zGaZ8Dy8QXMi"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zjgxstnQ6yY4" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000106863Member_zxd5wWyBMhv9" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_z7VA2viDdEK7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">12.58%</td></tr> <tr id="xdx_419_20170101__20171231_zGPH68c1pDZ7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">9.90%</td></tr> <tr id="xdx_410_20180101__20181231_zcr53ubi4e26"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-6.40%</td></tr> <tr id="xdx_410_20190101__20191231_zPai8In0aMa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.92%</td></tr> <tr id="xdx_418_20200101__20201231_z4xKd247TtO3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.68%</td></tr> <tr id="xdx_415_20210101__20211231_z9VlNOJGQ4pb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">12.95%</td></tr> <tr id="xdx_411_20220101__20221231_zDGVUMps45de"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-4.01%</td></tr> <tr id="xdx_416_20230101__20231231_ze9jXgOAcEBe"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">2.81%</td></tr> <tr id="xdx_411_20240101__20241231_z1KMWdQZprg1"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.64%</td></tr> <tr id="xdx_412_20250101__20251231_z001l03o1cf4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.55%</td></tr> </table> <img alt="PerformanceBarChartData(2016:12.58,2017:9.9,2018:-6.4,2019:26.92,2020:-3.68,2021:12.95,2022:-4.01,2023:2.81,2024:5.64,2025:17.55)" src="jnlst485bpos081.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2019): 14.17%; Worst Quarter (ended 3/31/2020): -21.27% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zhoQH6rPyLLd" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000106864Member_zPcBiUxu1eSa" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_zAZwMUO58MG5"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">12.72%</td></tr> <tr id="xdx_419_20170101__20171231_z21zc25mFzBd"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">10.19%</td></tr> <tr id="xdx_410_20180101__20181231_zVLUHWLcYE9g"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-6.10%</td></tr> <tr id="xdx_410_20190101__20191231_zw6ctwJqE6P8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">27.24%</td></tr> <tr id="xdx_418_20200101__20201231_zPofzfABdiLa" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.40%</td></tr> <tr id="xdx_415_20210101__20211231_zj2E7FYXK8Vb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">13.32%</td></tr> <tr id="xdx_411_20220101__20221231_zXHumIN88it7"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-3.73%</td></tr> <tr id="xdx_416_20230101__20231231_zhASZ9jwixec"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">3.05%</td></tr> <tr id="xdx_411_20240101__20241231_zMYUk8puabS1"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.93%</td></tr> <tr id="xdx_412_20250101__20251231_zcDIHW5mtqT6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.97%</td></tr> </table> <img alt="PerformanceBarChartData(2016:12.72,2017:10.19,2018:-6.1,2019:27.24,2020:-3.4,2021:13.32,2022:-3.73,2023:3.05,2024:5.93,2025:17.97)" src="jnlst485bpos082.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2019): 14.17%; Worst Quarter (ended 3/31/2020): -21.23% 0.1258 0.0990 -0.0640 0.2692 -0.0368 0.1295 -0.0401 0.0281 0.0564 0.1755 Best Quarter 2019-03-31 0.1417 Worst Quarter 2020-03-31 -0.2127 0.1272 0.1019 -0.0610 0.2724 -0.0340 0.1332 -0.0373 0.0305 0.0593 0.1797 Best Quarter 2019-03-31 0.1417 Worst Quarter 2020-03-31 -0.2123 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zJFNzu1XvtMk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z2dU09YVE64b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zvWbkJBGUoK7" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_za7JYOxYPXHi" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zJTXKPnnehB1" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000106863Member_zoN6ijxHSCrd" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/First Sentier Global Infrastructure Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.55</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.96</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zWjE9wuAS2a4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPGlobalInfrastructureIndexNetMember_zKqOhbldVeU4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P Global Infrastructure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zo0L1oKOwMm4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zvFTpndEsdKd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zxjuHf7kwmti" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000106864Member_zMhwuvvfRw6i" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/First Sentier Global Infrastructure Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.97</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.25</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zfCNvom0qjIl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPGlobalInfrastructureIndexNetMember_zJZf2r4itvl8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P Global Infrastructure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1755 0.0672 0.0696 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.2154 0.1002 0.0847 0.1797 0.0704 0.0725 0.2223 0.1120 0.1170 0.2154 0.1002 0.0847 JNL/Franklin Templeton Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to maximize income while maintaining prospects for capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z1HQPtn6YIie"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zVpVPWXJWF1g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000029596Member_zVGVOQIU3jB5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zDSvCOYpIkia" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztCELuxh0tZi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zh799qa0TNc1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zKo6IZGSyFo1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.92%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000067995Member_z4xYzTJXZuH1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_z8AyOpTjjwJ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgRXRIGCBlr" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zZozmMV82Y78" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zOH4WE6QOZVj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.62%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0051 0.0030 0.0011 0.0092 Expense information has been restated to reflect current fees. 0.0051 0.0000 0.0011 0.0062 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVrLVqzhFwnh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zoZMFwvrWAGg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Franklin Templeton Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zzFevkWbCNP9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zrv5HcEaijO4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zJ9p025hrWCg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z9cuHMZI6yDj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000029596Member_zONHn3ECYfPk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$94</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$293</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$509</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,131</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Franklin Templeton Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zynxDAjcp5l9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z9JNkIKMn4U9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zeGP1s3Mk822" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zlRNeggL0gnk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000067995Member_zKaftDmqSgY8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$199</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$346</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$774</td></tr> </table> 94 293 509 1131 63 199 346 774 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_987_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000010705Member_zvOVn3GNtKKh" style="border-bottom: black 1pt solid; width: 16%; text-align: right">37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.37 Principal Investment Strategies. Under normal market conditions, the Fund invests in a diversified portfolio of debt and equity securities. The Fund has significant ability to invest in a broad range of investments and may shift its investments from one asset class to another based on the Sub-Adviser’s analysis of the best opportunities for the Fund’s portfolio in a given market. The equity securities in which the Fund invests consist of common stock, including those with dividend yields the Sub-Adviser believes are attractive, convertible securities and equity-linked notes (ELNs). Debt securities include all varieties of fixed, floating and variable rate instruments, including secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, mortgage-backed securities and other asset-backed securities, debentures, and shorter term instruments. Bond investments may include U.S. and foreign corporate debt, U.S. Treasuries and foreign government bonds. Under normal market conditions, the Fund currently expects to invest between 20% to 30% of its total assets in debt securities that are rated below investment grade (also known as “high-yield” or “junk” bonds), but may invest up to 35% of its assets in such securities, including a portion in defaulted securities, although the Fund will not invest more than 5% of its assets in securities that are defaulted at the time of purchase. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors, particularly healthcare, financials and industrials. The Fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. The Fund may lend its securities to increase its income. The Fund regularly uses a variety of equity-related derivatives and complex equity securities, which may include purchasing or selling call and put options on equity securities and equity security indices, futures on equity securities and equity indices and options on equity index futures and equity-linked notes, for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in certain equity markets. In addition, the Fund may, from time to time, use interest rate-related derivatives, including interest rate swaps and interest rate and/or bond futures contracts (including U.S. Treasury futures contracts) for various purposes including enhancing Fund returns, increasing liquidity, gaining exposure to particular instruments in more efficient or less expensive ways and/or hedging risks relating to changes in interest rates. The Fund also may use currency-related derivatives, such as forward foreign currency exchange contracts, currency futures contracts, currency swaps and currency options to hedge (protect) against currency risks, and credit-related derivatives, such as credit default swaps and options on credit default swaps, to hedge (protect) against credit risks. The use of such derivative transactions may allow the Fund to obtain net long or net short exposures to selected markets, interest rates, countries or durations. The Fund’s Sub-Adviser searches for undervalued or out-of-favor securities it believes offer opportunities for income today and significant growth tomorrow. It generally performs independent analysis of the debt securities being considered for the Fund’s portfolio, rather than relying principally on the ratings assigned by rating organizations. In analyzing both debt and equity securities, the Sub-Adviser considers a variety of factors. The Fund may invest up to 25% of its net assets in equity-linked notes. Equity-linked notes are hybrid derivative-type instruments that are specially designed to combine the characteristics of one or more reference securities (usually a single stock, a stock index or a basket of stocks (underlying securities)) and a related equity derivative, such as a put or call option, in a single note form. The Fund may also buy and sell exchange-traded funds (“ETFs”) and options on ETFs. When choosing equity investments for the Fund, the Sub-Adviser applies a “bottom-up,” value oriented, long-term approach, focusing on the market price of a company’s securities relative to the Sub-Adviser’s evaluation of the company’s long-term earnings, asset value and cash flow potential. The Sub-Adviser also considers a company’s price/earnings ratio, profit margins and liquidity value, among other metrics. Under normal market conditions, the Fund currently expects to invest between 20% to 30% of its total assets in debt securities that are rated below investment grade (also known as “high-yield” or “junk” bonds), but may invest up to 35% of its assets in such securities, including a portion in defaulted securities, although the Fund will not invest more than 5% of its assets in securities that are defaulted at the time of purchase. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5IKC7kBXqs1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_z0lqiEc5zyq5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zlRipHRGyaL7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. </td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zBuTy3R3DH09"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IncomeRiskMember_zfiI8ysyRrw8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zoez97ipQfie"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zaXi6R54Cpn7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialServicesRiskMember_zLR0cDJ3CpGk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthCareSectorRiskMember_zh8kNGwahup3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialCompaniesRiskMember_zGlvsDB4FC8k"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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, increase competition, depletion of resources, technological developments and labor relations.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquityLinkedNotesElnsRiskMember_z6TcW6CIWod3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Equity-linked notes (ELNs) risk – Investing in investment funds may be more costly to the Fund than if the Fund had invested in the underlying securities directly. ELNs may not perform as expected and could cause the Fund to realize significant losses including its entire principal investment. Other risks include counterparty risk, liquidity risk and imperfect correlation between ELNs and the underlying securities.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zf5nPO5NdQG5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z8QbacmIMsGb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zyFZGrYXDVH3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zXvnmUWfWNr"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_zP4irPKpUQa8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--StockRiskMember_zGMzIrq8c5Pd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zVqXjr8mSnb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_z212mGBzkfV8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorporateLoanSovereignEntityLoanAndBankLoanRiskMember_zRZX4tblSkl2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zs7mVtiQUBn7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zoeCYxYCBfDl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zFyrTP83wov1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zPLp57O1rpHb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in"></td><td></td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--AllocationRiskMember_zoRUkuHRBf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DebtSecuritiesRatingsRiskMember_z9tCBhdvg2na"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStrategyRiskMember_zYLWXyZ0vzdd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIylmweqHPUb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. </td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zG9R91nPhXo"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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 December 31, 2025, for consistency with the Fund’s principal investment strategies, the Fund replaced the 50% S&P 500 Value Index, 50% ICE BofA U.S. High Yield Index with the 50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Index, 25% ICE BofA US High Yield Index as the Fund’s secondary benchmark. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zsCIgPQOGi41"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z21OkuuwKKo7" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000029596Member_zf0XUdCEyfTk" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20160101__20161231_zL1rz8aFRMo7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">14.12%</td></tr> <tr id="xdx_41F_20170101__20171231_zynltLLNQ80i"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">9.93%</td></tr> <tr id="xdx_41D_20180101__20181231_zJ1i0G93PFJ4"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.22%</td></tr> <tr id="xdx_419_20190101__20191231_z0YMnulqTYi8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">15.98%</td></tr> <tr id="xdx_41C_20200101__20201231_zcDB5fFlvwKk" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">0.87%</td></tr> <tr id="xdx_416_20210101__20211231_zqZGImJojibj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">14.75%</td></tr> <tr id="xdx_419_20220101__20221231_zUxb2PYbf4b"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-4.42%</td></tr> <tr id="xdx_413_20230101__20231231_z7ItsAFG5eMg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">8.19%</td></tr> <tr id="xdx_419_20240101__20241231_zqa3kWsAoCO"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.38%</td></tr> <tr id="xdx_418_20250101__20251231_zkULnVBLsSt5"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.00%</td></tr> </table> <img alt="PerformanceBarChartData(2016:14.12,2017:9.93,2018:-4.22,2019:15.98,2020:0.87,2021:14.75,2022:-4.42,2023:8.19,2024:6.38,2025:12)" src="jnlst485bpos083.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 9.77%; Worst Quarter (ended 3/31/2020): -15.98% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zOV2DNOCCB4f" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067995Member_zWvMHhoq3Ura" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20160101__20161231_zui5fbfyTwme"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">14.23%</td></tr> <tr id="xdx_41D_20170101__20171231_zPsX6qSdcA7c"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">10.20%</td></tr> <tr id="xdx_416_20180101__20181231_zkmtywCZ0U8f"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-3.95%</td></tr> <tr id="xdx_41E_20190101__20191231_z9jAM5qbpQZ5"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">16.35%</td></tr> <tr id="xdx_418_20200101__20201231_zZgZknvSEpB6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">1.15%</td></tr> <tr id="xdx_41E_20210101__20211231_zbFL96qTCb3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.19%</td></tr> <tr id="xdx_41D_20220101__20221231_zKA6hmQohBub"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-4.23%</td></tr> <tr id="xdx_41A_20230101__20231231_zejVUlwiCthc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">8.54%</td></tr> <tr id="xdx_416_20240101__20241231_ztxut1gzhrz2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.78%</td></tr> <tr id="xdx_41D_20250101__20251231_zDS3NjNMVhmi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.26%</td></tr> </table> <img alt="PerformanceBarChartData(2016:14.23,2017:10.2,2018:-3.95,2019:16.35,2020:1.15,2021:15.19,2022:-4.23,2023:8.54,2024:6.78,2025:12.26)" src="jnlst485bpos084.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 9.81%; Worst Quarter (ended 3/31/2020): -15.94% 0.1412 0.0993 -0.0422 0.1598 0.0087 0.1475 -0.0442 0.0819 0.0638 0.1200 Best Quarter 2020-12-31 0.0977 Worst Quarter 2020-03-31 -0.1598 0.1423 0.1020 -0.0395 0.1635 0.0115 0.1519 -0.0423 0.0854 0.0678 0.1226 Best Quarter 2020-12-31 0.0981 Worst Quarter 2020-03-31 -0.1594 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zvI52jmEpssb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z9nRIaZc6ez4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zL23LQskvO5l" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zOIEQlKdTzp" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zuYuRRSNcB4f" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029596Member_zJOqQmhK4zB4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Franklin Templeton Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.00</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.17</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.11</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zafyqt6F6vv1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftyPercentMorningstarDividendCompositeIndex25PercentBloombergUSAggregateBondIndex25PercentICEBofAUSHighYieldIndexMember_zkNur5rSOgLf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Bond Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.27</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDividendCompositeIndexMember_zHu6Fyh6Atw9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.71</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zk5mb7b7GvVj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldIndexMember_z7dkPgHRKNM9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.45</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftyPercentSAndP500ValueIndex50PercentICEBofAUSHighYieldIndexMember_zXWhLa6d7z84" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">50% S&P 500 Value Index 50% ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500ValueIndexMember_zPleGaferV34" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zpXPuy6ltnli" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zXEjadMxJskc" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zgi5w1w3K3n1" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067995Member_zdiFdzL59vv5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Franklin Templeton Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.26</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.40</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zwIWbLPPz29e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftyPercentMorningstarDividendCompositeIndex25PercentBloombergUSAggregateBondIndex25PercentICEBofAUSHighYieldIndexMember_z1csLXyD3P4i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">50% Morningstar Dividend Composite Index, 25% Bloomberg US Aggregate Bond Index, 25% ICE BofA US High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.27</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDividendCompositeIndexMember_zoXz9Fm3yV5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.71</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zBrF2vH0PwA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAUSHighYieldIndexMember_zAgXHgmfDcAc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.45</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftyPercentSAndP500ValueIndex50PercentICEBofAUSHighYieldIndexMember_zU4jxdk14coa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">50% S&P 500 Value Index 50% ICE BofA U.S. High Yield Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500ValueIndexMember_znqwnnuBsFfg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1200 0.0717 0.0711 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1170 0.0727 0.0858 0.1549 0.1245 0.1271 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.1087 0.0879 0.0921 0.1319 0.1296 0.1173 0.1226 0.0750 0.0740 0.1788 0.1442 0.1482 0.1170 0.0727 0.0858 0.1549 0.1245 0.1271 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.1087 0.0879 0.0921 0.1319 0.1296 0.1173 JNL/Goldman Sachs 4 Fund Class A Class I Investment Objective. The investment objective of the Fund is capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zEzq1ifqOq8l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zd35FXSAwH7i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000054128Member_zBLngvEwFbQg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z8eNUKCmqfO2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.25%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvuCTOJsrrm4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zfMqaNNb8c0d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z6qyXEDPbMu2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.70%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000192208Member_z4ZzLvz7z6hl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zoKoHK5oFZ1h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.25%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zT2aylkOmZsl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zuU3FsuwLklh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z7klpvoSABi1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.40%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0025 0.0030 0.0015 0.0070 0.0025 0.0000 0.0015 0.0040 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zy0535gXklTg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zEkQQjMY0bSb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Goldman Sachs 4 Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z65vn9rLxX93" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zFlYGc3ZsUbi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zevO7cI6Yg45" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zJGalLrNjdqd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000054128Member_zWLGigcZwfrl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$224</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$390</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$871</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Goldman Sachs 4 Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z5UizK960eNa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zTUIIeiKyP61" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTTIzrW66Wt3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zOkXsXXC5Do1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000192208Member_z0oZgXTJUWa5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$128</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$224</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$505</td></tr> </table> 72 224 390 871 41 128 224 505 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98A_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000019485Member_zkZrT2MBO1Qk" style="border-bottom: black 1pt solid; width: 16%; text-align: right">47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.47 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in stocks of approximately 150 distinct companies included in the S&P 500 Index (“Index”). The Fund implements its objective by using three equally weighted factors: quality, value, and momentum. Quality Strategy The quality strategy emphasizes competitive advantage. The competitive advantage sub-portfolio invests in the stock of companies included in the Index that are believed to have superior profitability, as measured by return on invested capital, and trade at relatively attractive valuations. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the Index. Goldman Sachs Asset Management, L.P., the Fund’s sub-adviser (the “Sub-Adviser”), excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings. Value Strategies The value strategies emphasize dividend income & growth and intrinsic value. The dividend income & growth sub-portfolio invests in the stock of companies included in the Index that have attractive dividend yields and strong capital structures as determined by the Sub-Adviser. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings. The intrinsic value sub-portfolio invests in the stock of companies included in the Index that generate strong free cash flows and sell at relatively attractive valuations. With respect to the Financials sector, the model will reference return on equity in lieu of free cash flows. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings. Momentum Strategy The momentum sub-portfolio invests in the stock of companies included in the Index that exhibit high momentum based on the trailing twelve months, excluding the recent one-month. The holdings in this sub-portfolio are selected from all 11 sectors of the economy identified in the Index. The Sub-Adviser excludes stocks it views as lower quality using the S&P Quality Rankings and excludes stocks with lower S&P Global Ratings Issuer Credit Ratings. Triblend Rebalance A portion of each of sub-portfolio rebalances on or about the first business day of March, September or December of each year. Additionally, on or about the first business day of December of each year, the Fund rebalances the size of the three factors to ensure equal weighting. The Fund may change the frequency and timing of its scheduled rebalances at its sole discretion. The Fund may apply situational risk exposure constraints beyond the S&P Quality Rankings and S&P Global Ratings Issuer Credit Ratings in response to extraordinary market events. The Sub-Adviser generally uses a buy and hold strategy, executing trades only on or around each stock selection date, when cash flow activity occurs in the Fund and for dividend reinvestment purposes. The Sub-Adviser incorporates S&P Quality Rankings and S&P Global Ratings Issuer Credit Ratings in the selection process. S&P Quality Rankings Growth and stability of earnings and dividends are deemed key elements in establishing earnings and dividend rankings for common stocks. This process also takes into consideration certain adjustments and modifications deemed desirable in establishing such rankings. The final score for each stock is measured against a scoring matrix determined by an internal analysis of the scores of a large and representative sample of stocks. The range of scores in the array of this sample has been aligned with the following ladder of rankings: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 50%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="width: 13%; font-size: 10pt">A+</td> <td style="width: 40%; font-size: 10pt">Highest</td> <td style="width: 15%; font-size: 10pt">B-</td> <td style="width: 32%; font-size: 10pt">Lower</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">A </td> <td style="font-size: 10pt">High</td> <td style="font-size: 10pt">C</td> <td style="font-size: 10pt">Lowest</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">A- </td> <td style="font-size: 10pt">Above Average</td> <td style="font-size: 10pt">D</td> <td style="font-size: 10pt">In Reorganization</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">B+ </td> <td style="font-size: 10pt">Average</td> <td style="font-size: 10pt">NR</td> <td style="font-size: 10pt">Not Ranked</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">B </td> <td style="font-size: 10pt">Below Average</td> <td style="font-size: 10pt"> </td> <td style="font-size: 10pt"> </td></tr> </table> S&P Global Ratings Issuer Credit Ratings S&P Global Ratings Issuer Credit Ratings (also known as credit ratings) express opinions about the ability and willingness of an issuer to meet its financial obligations in full and on time. Credit ratings can also be used to determine the credit quality of an individual debt issue, such a corporate or municipal bond, and the relative likelihood that the issue may default. Credit ratings are not an absolute measure of default probability, since there are future events that cannot be foreseen. Credit ratings are not intended as guarantees of credit quality or as exact measures of the probability that a particular issuer or debt issue will default. S&P Global Ratings Issuer Credit Ratings opinions are based on analysis by experienced professionals who evaluate and interpret information received from issuers and other available sources to form a considered opinion. S&P Global Ratings analysts obtain information from public reports, as well as from interviews and discussions with the issuer’s management. They use that information and apply their analytical judgment to assess the entity’s financial condition, operation performance, policies and risk management strategies. The Fund may invest in a combination of exchange-traded funds (“ETFs”) to assist with fund rebalances and to meet redemption or purchase requests. The Fund may invest in financial futures, a type of derivative, to obtain market exposure consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund seeks to achieve its objective by investing in stocks of approximately 150 distinct companies included in the S&P 500 Index (“Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Model risk – The Sub-Adviser relies heavily on quantitative models and information and data supplied or made available by third parties (“Models and Data”). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund’s investments. The Fund bears the risk that the proprietary quantitative models used by the portfolio managers will not be successful in identifying securities that will help the Fund achieve its investment objectives, which may cause the Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, “model prices” will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective. 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. 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. Limited management, trading cost and rebalance risk – Investing primarily according to specific, mechanical criteria applied on a specific date each year may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the selected companies during the year. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. 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. 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. 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 prior to April 26, 2021 reflects the Fund’s results when the Fund did not have a sub-adviser and operated as a fund-of-funds. 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. 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. <div id="xdx_A85_eoef--BarChartTableTextBlock_zgvB8DAT5C88"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zbmZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000054128Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41D_20160101__20161231_zdVnwLUVjUy7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">10.29%</td></tr> <tr id="xdx_418_20170101__20171231_zq76CS23m9p6"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">15.38%</td></tr> <tr id="xdx_415_20180101__20181231_zd1i0MxPtM88"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-6.27%</td></tr> <tr id="xdx_41F_20190101__20191231_z16IxwaqNoK"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.04%</td></tr> <tr id="xdx_415_20200101__20201231_zb2p9OMSoAQb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.52%</td></tr> <tr id="xdx_415_20210101__20211231_z9Z8T3ZZVN38" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">35.48%</td></tr> <tr id="xdx_410_20220101__20221231_zIEC0IwGv5o2"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-10.92%</td></tr> <tr id="xdx_417_20230101__20231231_zAoLpUwC640e"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.42%</td></tr> <tr id="xdx_415_20240101__20241231_zbRFiwpyOQph"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">19.21%</td></tr> <tr id="xdx_41B_20250101__20251231_zBAaeCR7B3id"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.69%</td></tr> </table> <img alt="PerformanceBarChartData(2016:10.29,2017:15.38,2018:-6.27,2019:25.04,2020:4.52,2021:35.48,2022:-10.92,2023:14.42,2024:19.21,2025:16.69)" src="jnlst485bpos085.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 17.26%; Worst Quarter (ended 3/31/2020): -27.76% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5bPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192208Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20180101__20181231_zfcc88KIpwj2"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.97%</td></tr> <tr id="xdx_41D_20190101__20191231_z6xKunOQEZX3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">25.42%</td></tr> <tr id="xdx_413_20200101__20201231_z52gdfjHg4S3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.86%</td></tr> <tr id="xdx_411_20210101__20211231_z0GH1UwkMxW9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">35.88%</td></tr> <tr id="xdx_41E_20220101__20221231_zi2TyHxfMugf"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-10.70%</td></tr> <tr id="xdx_417_20230101__20231231_zBQS0jIiPIO5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">14.78%</td></tr> <tr id="xdx_41A_20240101__20241231_zBPPXaRrGAOj"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">19.59%</td></tr> <tr id="xdx_418_20250101__20251231_zDwfx4JGxSqh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.05%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.97,2019:25.42,2020:4.86,2021:35.88,2022:-10.7,2023:14.78,2024:19.59,2025:17.05)" src="jnlst485bpos086.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 17.39%; Worst Quarter (ended 3/31/2020): -27.70% 0.1029 0.1538 -0.0627 0.2504 0.0452 0.3548 -0.1092 0.1442 0.1921 0.1669 Best Quarter 2020-12-31 0.1726 Worst Quarter 2020-03-31 -0.2776 -0.0597 0.2542 0.0486 0.3588 -0.1070 0.1478 0.1959 0.1705 Best Quarter 2020-12-31 0.1739 Worst Quarter 2020-03-31 -0.2770 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zs4DFP8Y9FZ7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zgvd9qSXQUr9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zN6AChYXv2k4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zK89lSE0NiYe" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zUHyGXskAHSg" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000054128Member_zrNGhzc24x4d" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Goldman Sachs 4 Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.69</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z21Hwnele151" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500ValueIndexMember_zzPm2yWl9vJ7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zcrOYGX0VB04"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zaypOY5xaZI9"> </td> <td> </td> <td colspan="2" id="xdx_49E_20170925__20251231_z5HPkJD0hgQ1" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192208Member_zkskv5KCcOj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Goldman Sachs 4 Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">17.05</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">14.29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">12.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zd6RcnZOjC8l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500ValueIndexMember_z0RHxMxJzZL5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.96</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.17</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1669 0.1395 0.1159 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1319 0.1296 0.1173 2017-09-25 0.1705 0.1429 0.1247 0.1788 0.1442 0.1482 0.1319 0.1296 0.1117 JNL/GQG Emerging Markets Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zj5b2EHATiq8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z93YJXUyxRZ" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192058Member_z5zGCVnXdjGe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zUpBLZblrPd7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.87%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zF2LJhxuOYJ8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zoc477rQekV2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z2SA1V8keLZ8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z8PH2yfKhfe3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.34%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000192059Member_z58XQ7dPOaAf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zIq2emHbq7M2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.87%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPOVUc4s2XLd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zuVwQqD4FrWj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zvftl73a31yg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zS1UDaFOVLQj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.04%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0087 0.0030 0.0016 0.0001 0.0134 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. 0.0087 0.0000 0.0016 0.0001 0.0104 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zomlH6tKtSUf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zHy6TnnejEk3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/GQG Emerging Markets Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zQ3rnoXydBIh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zj0OPqVe5Cg7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zr8x4Ic2OYKh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zf8CDv09hqIb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000192058Member_ze8SgB3ItJuj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$136</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$425</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$734</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,613</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/GQG Emerging Markets Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zoGoAOi9krBl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zwGbVs13kV68" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_ztj5UaPr7ml3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_za2N3Uxo20Ad" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000192059Member_zqu5L0LlgnY1" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$106</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$331</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$574</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,271</td></tr> </table> 136 425 734 1613 106 331 574 1271 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_987_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000058488Member_zFISvTMrGdN3" style="border-bottom: black 1pt solid; width: 16%; text-align: right">70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.70 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 equity securities of emerging market companies. The equity securities in which the Fund invests are primarily publicly traded common stocks but may also include warrants and preferred stocks. For purposes of the Fund’s 80% investment policy, equity securities also include depositary receipts (including unsponsored depositary receipts and American Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)), which are certificates typically issued by a bank or trust company that represent ownership interests in securities of non-U.S. companies, and participation notes (“P-Notes”), which are derivative instruments designed to replicate equity exposure in certain foreign markets where direct investment is either impossible or difficult due to local investment restrictions. The Fund may invest in initial public offerings (“IPOs”) and securities of companies with any market capitalization. Certain instruments in which the Fund invests may be illiquid or thinly-traded securities. The Fund may invest in exchange traded funds (“ETFs”), including commodity ETFs that provide exposure to or invest in gold. The Fund may also invest in A Shares of companies based in the People’s Republic of China (“China”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund considers a company to be an emerging market company if: (i) at least 50% of the company’s assets are located in emerging market countries; (ii) at least 50% of the company’s revenue is generated in emerging market countries; (iii) the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in an emerging market country; (iv) the company’s securities are traded principally in an emerging market country; or (v) GQG Partners LLC (“Sub-Adviser”) otherwise believes that the company’s assets are exposed to the economic fortunes and risks of emerging market countries (because, for example, the Sub-Adviser believes that the company’s growth is dependent on emerging market countries). The Fund considers classifications by the World Bank, the International Finance Corporation, the International Monetary Fund and the Fund’s benchmark index provider in determining whether a country is an emerging market country. Emerging market countries generally include every country in the world except the U.S., Canada, Japan, Australia, New Zealand, and most of the countries in Western Europe. From time to time, the Fund may focus its investments in a particular country or geographic region. In managing the Fund’s investments, the Sub-Adviser pursues a “growth style” of investing through which it seeks to capture market upside while limiting downside risk through full market cycles by combining a rigorous screening process with fundamental analyses to seek to identify and invest in companies that the Sub-Adviser believes have favorable long-term economic prospects. Specifically, the Sub-Adviser seeks to buy companies that it believes are reasonably priced, have strong fundamental business characteristics, sustainable relative earnings growth and the ability to outperform peers over a full market cycle, and can sustain the value of their securities in a market downturn. The Sub-Adviser may also purchase stocks that do not fall into the traditional “growth” style box. The Sub-Adviser may sell a company if it believes that the company’s long-term competitive advantage or relative earnings growth prospects have deteriorated, or the Sub-Adviser has otherwise lost conviction in the company. The Sub-Adviser also may sell a company if the company has met its price target or is involved in a business combination, if the Sub-Adviser identifies a more attractive investment opportunity, or the Sub-Adviser wishes to reduce the Fund’s exposure to the company or a particular country or geographic region. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of emerging market companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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). 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Investing in China A Shares risk – Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus. Investing through Stock Connect risk – The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk. Warrants risk – If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. As a result, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights. Participation note risk – An investment in a participation note involves additional risks beyond the risks normally associated with a direct investment in the underlying security and a participation note’s performance may differ from the underlying security’s performance. Holders of participation notes do not have the same rights as an owner of the underlying stock and are subject to the credit risk of the issuer, and participation notes are privately issued and may be illiquid. Redemption risk – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio securities, higher brokerage commissions, and other transaction costs. 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. Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile. China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund. Commodity ETF risk – In addition to the risks described under “exchange-traded funds investing risk,” the value of the Fund’s investment in ETFs that invest in commodity-related securities may be affected by changes in overall market movements or factors affecting a particular industry or commodity and may fluctuate significantly over short periods for a variety of factors, such as drought, floods, weather, livestock disease, embargoes, war, insufficient storage capacity, tariffs and international economic, political and regulatory developments. Investments linked to the prices of commodities are considered speculative and may be more volatile than investments in other types of securities or instruments. The commodity markets are subject to temporary distortions or other disruptions due to a variety of factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. Russia investment risk – During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia’s banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement Depository (“NSD”) in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A87_eoef--BarChartTableTextBlock_z6bTEXmIRwof"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSbI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192058Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41C_20180101__20181231_zzT6aaLXk25k"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.94%</td></tr> <tr id="xdx_414_20190101__20191231_z6VArvtPLF24"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.09%</td></tr> <tr id="xdx_41B_20200101__20201231_z1iOWvhN24mh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">33.12%</td></tr> <tr id="xdx_419_20210101__20211231_zFNfh2jZcB1d" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-2.30%</td></tr> <tr id="xdx_413_20220101__20221231_zJmoT4PWOeca"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-21.90%</td></tr> <tr id="xdx_411_20230101__20231231_z3UsXaokWkh8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">28.95%</td></tr> <tr id="xdx_411_20240101__20241231_zHmGQYceobTh"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.03%</td></tr> <tr id="xdx_41C_20250101__20251231_zX1iS6OzQdp3"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">10.25%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-14.94,2019:21.09,2020:33.12,2021:-2.3,2022:-21.9,2023:28.95,2024:5.03,2025:10.25)" src="jnlst485bpos087.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 23.01%; Worst Quarter (ended 3/31/2020): -19.76% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9bD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192059Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20180101__20181231_zRehhuD1Djs5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.64%</td></tr> <tr id="xdx_411_20190101__20191231_z10fv2vQ1tub"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.38%</td></tr> <tr id="xdx_41B_20200101__20201231_zPQ9ownMwt03" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">33.55%</td></tr> <tr id="xdx_411_20210101__20211231_zMXD5SSDtjNf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-2.00%</td></tr> <tr id="xdx_41F_20220101__20221231_z791fbfSsLQd"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-21.69%</td></tr> <tr id="xdx_41A_20230101__20231231_zDhrsKKCls5h"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">29.41%</td></tr> <tr id="xdx_417_20240101__20241231_zvG3GSd0LjOf"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.28%</td></tr> <tr id="xdx_410_20250101__20251231_zOkvoYLIzsRc"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">10.63%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-14.64,2019:21.38,2020:33.55,2021:-2,2022:-21.69,2023:29.41,2024:5.28,2025:10.63)" src="jnlst485bpos088.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 23.19%; Worst Quarter (ended 3/31/2020): -19.72% -0.1494 0.2109 0.3312 -0.0230 -0.2190 0.2895 0.0503 0.1025 Best Quarter 2020-06-30 0.2301 Worst Quarter 2020-03-31 -0.1976 -0.1464 0.2138 0.3355 -0.0200 -0.2169 0.2941 0.0528 0.1063 Best Quarter 2020-06-30 0.2319 Worst Quarter 2020-03-31 -0.1972 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zgg4nKdBbr37"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zeUHjIPUhAU3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zACJAg84kue1"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zjFNyhMZAtPf"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zWyqzv0SpjK4" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192058Member_zsg9l2Clsvvc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/GQG Emerging Markets Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">10.25</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">2.64</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">6.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsTargetMarketExposureIndexNetMember_zxLSHG04dBkh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.97</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zbBvG1F8Sttl"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zWUSPEZEKAp5"> </td> <td> </td> <td colspan="2" id="xdx_493_20170925__20251231_zz3jD9O7nHje" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192059Member_zhwZ2u2oYXqa" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/GQG Emerging Markets Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">10.63</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">2.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">6.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsTargetMarketExposureIndexNetMember_zenkqiXH6HIh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.97</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1025 0.0264 0.0618 (reflects no deduction for fees, expenses, or taxes) 0.3162 0.0454 0.0597 2017-09-25 0.1063 0.0295 0.0650 0.3162 0.0454 0.0597 JNL/Invesco Small Cap Growth Fund Class A Class I 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zER8NaHSdSV9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zyxCM6lKX44i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000004650Member_zxoMVWsvFBa3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z3XHmJswMloa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.62%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7XDzxXZFzA3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zxn3Qoy6AB28" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zLBqmtCG679k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">1.02%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000067981Member_zghs0HlkzBvh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z0MNT9XkBgK7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.62%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTw1tY5q6Tw7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zrxBLy4Ql81j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z0E7pa89vL2i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.72%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0062 0.0030 0.0010 0.0102 Expense information has been restated to reflect current fees. 0.0062 0.0000 0.0010 0.0072 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zYM9slP9WAda"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zI8zhdGxwaDe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Invesco Small Cap Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zBgKGZaLPuk2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zKmpdU0OKKYg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zelkBNU63aB3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zjdimpmmnBSb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000004650Member_zHt16yMv2Vlj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$104</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$325</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$563</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,248</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Invesco Small Cap Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zaLtCoSMIs53" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z0ibZrM1fS8f" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zrPQX31Nc3w5" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zokOmy4IZ17a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000067981Member_zYhDaXx17rx7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$74</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$230</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$401</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$894</td></tr> </table> 104 325 563 1248 74 230 401 894 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_981_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001743Member_zgYveepVvbP9" style="border-bottom: black 1pt solid; width: 16%; text-align: right">86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.86 Principal Investment Strategies. The Fund seeks to meet this objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities of small-capitalization companies. The Fund invests primarily in equity securities. The principal type of equity security in which the Fund invests is common stock. The Fund considers a company to be a small-capitalization company if it has a market capitalization, at the time of purchase, no larger than the market capitalization of the largest capitalized company included in the Russell 2000® Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month. As of December 31, 2025, the market capitalization resulting from this formula was $28.02 billion. The Fund may also invest up to 25% of its net assets in foreign securities of companies located in developing and emerging markets, i.e., those that are generally in the early stages of their industrial cycles, as well as in developed markets. The Fund may also invest up to 20% of its assets in equity securities of issuers that have market capitalizations in other market capitalization ranges. The Fund may invest up to 15% of its net assets in real estate investment trusts. The Fund seeks to meet this objective by investing, normally, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities of small-capitalization companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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). 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. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. 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. 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. 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. 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. 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. <div id="xdx_A8A_eoef--BarChartTableTextBlock_zIe0kcMakmEi"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ5MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004650Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41D_20160101__20161231_zg9Ma7n8aIq7"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.51%</td></tr> <tr id="xdx_411_20170101__20171231_zOz2pDhlx2Cd"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">24.96%</td></tr> <tr id="xdx_416_20180101__20181231_zMueHBEYjCqb"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.11%</td></tr> <tr id="xdx_411_20190101__20191231_zU1px09CYIR9"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">24.41%</td></tr> <tr id="xdx_41A_20200101__20201231_zBtHoaVwLEF6" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">56.51%</td></tr> <tr id="xdx_415_20210101__20211231_zncAmv415z42" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">7.27%</td></tr> <tr id="xdx_41D_20220101__20221231_zuoLzlCIyYy"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-35.30%</td></tr> <tr id="xdx_41D_20230101__20231231_zAOr9VZYW1X1"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.12%</td></tr> <tr id="xdx_41F_20240101__20241231_zI02akNHQ7e9"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">16.72%</td></tr> <tr id="xdx_410_20250101__20251231_zopjHzOLvLp1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.17%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.51,2017:24.96,2018:-9.11,2019:24.41,2020:56.51,2021:7.27,2022:-35.3,2023:12.12,2024:16.72,2025:6.17)" src="jnlst485bpos089.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 34.29%; Worst Quarter (ended 6/30/2022): -22.19% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9sD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067981Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_412_20160101__20161231_zn9jURYZdPC"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.74%</td></tr> <tr id="xdx_41F_20170101__20171231_zNEIkq6ishEl"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">25.20%</td></tr> <tr id="xdx_415_20180101__20181231_zRZ21MabFFqe"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.83%</td></tr> <tr id="xdx_410_20190101__20191231_z3cr8kVMF7sd"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">24.82%</td></tr> <tr id="xdx_417_20200101__20201231_z3VoYTVI9dV8" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">56.98%</td></tr> <tr id="xdx_413_20210101__20211231_znO0fBcjjMc1" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">7.57%</td></tr> <tr id="xdx_41E_20220101__20221231_zPSA8xO3YqZ9"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-35.12%</td></tr> <tr id="xdx_414_20230101__20231231_zFwozShn89T2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.48%</td></tr> <tr id="xdx_41E_20240101__20241231_z3cx11BVzOB2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">17.06%</td></tr> <tr id="xdx_41C_20250101__20251231_zkDWXU5UyHCj"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.48%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.74,2017:25.2,2018:-8.83,2019:24.82,2020:56.98,2021:7.57,2022:-35.12,2023:12.48,2024:17.06,2025:6.48)" src="jnlst485bpos090.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 34.40%; Worst Quarter (ended 6/30/2022): -22.14% 0.1151 0.2496 -0.0911 0.2441 0.5651 0.0727 -0.3530 0.1212 0.1672 0.0617 Best Quarter 2020-06-30 0.3429 Worst Quarter 2022-06-30 -0.2219 0.1174 0.2520 -0.0883 0.2482 0.5698 0.0757 -0.3512 0.1248 0.1706 0.0648 Best Quarter 2020-06-30 0.3440 Worst Quarter 2022-06-30 -0.2214 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zaxZ8s1LKXLi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zfLAv7vhcOec" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zxDuasorps15" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zuoLgOTG3lla" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zwNdNY8u9ewi" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004650Member_z4FSUuWItAk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Invesco Small Cap Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.05</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zMLjWfJnFqJh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadGrowthExtendedIndexMember_zZxrcyC1KeMb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zx2BigXfojs3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_z4Rq5qdXbv1k" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zpcvFsFJ4THd" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067981Member_z45d50kl0c7k" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Invesco Small Cap Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.48</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.43</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.36</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zjEIbBk4L6Ch" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapBroadGrowthExtendedIndexMember_zFlEZbWw79v2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Broad Growth Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0617 -0.0073 0.0905 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1312 0.0422 0.0992 0.0648 -0.0043 0.0936 0.1721 0.1313 0.1431 0.1312 0.0422 0.0992 JNL/JPMorgan Hedged Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to provide capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zRPB0IqAWdw2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zIleNJ6V6BR" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000202641Member_zL2zg7Bx9m76" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zgtjYTu08FN" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWRJPfUvasU5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z5tcMXyZMCc3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zISXpXlWaqW9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.96%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000202642Member_zA1YKr6aW8L3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zYtH8tgRvwWc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zeieoD53V0Af" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_ze3PH8X4WOQc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zX0KPK7Jgx4c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.66%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0050 0.0030 0.0016 0.0096 0.0050 0.0000 0.0016 0.0066 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoxPTP50a9M8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zEQ9kqfpCNe7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Hedged Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zZKNv1Xa4q12" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zSTt7h0XPGq2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zxXVq3xiz0wh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zvQKIsY0Hle3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000202641Member_zxHVxEgc2eWa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$98</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$306</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$531</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,178</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Hedged Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zdS4dAUWvEvg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zlglsNBuOW07" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zG48wUNDa6rb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zU2uOBN5t8qi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000202642Member_zKvOhjVxu3W5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$211</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$822</td></tr> </table> 98 306 531 1178 67 211 368 822 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000062462Member_zgK68Ay60bli" style="border-bottom: black 1pt solid; width: 16%; text-align: right">30</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.30 Principal Investment Strategies. The Fund seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity 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 equity securities. The Fund seeks to achieve its investment objective by investing at least 80% of its assets in an “enhanced index,” which primarily consist of common stocks of medium to large capitalization companies in the S&P 500 Index (“Index”). The enhanced index is a portfolio benchmarked to the Index, subject to constraints based on tracking error, individual name holdings, and sector. Because the Fund uses an “enhanced index” strategy, not all of the stocks in the Index, its primary benchmark, are included in the Fund, and the Fund’s position in an individual stock may be overweighted or underweighted when compared to the Index. The Fund will also systematically purchase and sell exchange-traded put options and sell exchange-traded call options, employing an options overlay known as a “put/spread collar” strategy. The options may be based on the Index or on exchange-traded funds (“ETFs”) that replicate the Index (“S&P 500 ETFs”). The combination of the diversified portfolio of equity securities, the downside hedge from long index put options, and the income from the short index call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. Specifically, the Fund seeks to provide a competitive risk-adjusted return over a full market cycle relative to the Index with lower volatility than traditional long-only equity strategies. The “put/spread collar” strategy is designed to provide a continuous market hedge for the portfolio (i.e., to minimize loss). The Fund’s combination of a diversified equity portfolio, with the “put/spread collar” options overlay strategy is designed to provide greater market protection than other equity investments, but may not always do so, particularly in rising equity markets when the Fund may underperform traditional equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide market protection during times of low market volatility; during such periods, the Fund is expected to perform in line with broad equity markets. The Fund may use derivatives, primarily futures contracts, to gain exposure to indexes or certain securities within indexes, to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy. To the extent the Fund invests in index futures with exposure to securities in the Index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund more sensitive to the economic results of those securities. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. 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. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Redemption risk – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio securities, higher brokerage commissions, and other transaction costs. 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. Data science investment approach risk – The Fund relies on a proprietary data science enabled selection approach that utilizes proprietary techniques to process, analyze, and combine a wide variety of information, including the adviser’s multi-decade history of proprietary fundamental research, company financial statements, and other relevant data sources, to forecast the financial prospects of each security and to assess key risks. There is no guarantee that the use of the Fund’s proprietary data science approach will result in effective investment decisions for the Fund and, specifically to the extent the approach does not perform as designed or as intended, the Fund’s strategy may not be successfully implemented and the Fund may lose value. 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. Effective April 27, 2020, the Fund was combined with the JNL/FAMCO Flex Core Covered Call Fund (the “Acquired Fund”), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A83_eoef--BarChartTableTextBlock_zRwsLRv9zFK4"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ2MwSbI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202641Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20190101__20191231_z2smHpmTgkV1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">13.16%</td></tr> <tr id="xdx_41A_20200101__20201231_zftiDoPB8Drc" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.80%</td></tr> <tr id="xdx_414_20210101__20211231_zXDYWiGI8BYg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">12.94%</td></tr> <tr id="xdx_419_20220101__20221231_zzFFoHyT038k"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.44%</td></tr> <tr id="xdx_412_20230101__20231231_zElaXtbvN1Bg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.70%</td></tr> <tr id="xdx_410_20240101__20241231_zdRoT8WSg9wl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">17.86%</td></tr> <tr id="xdx_41F_20250101__20251231_zOY2kDPM0gU2"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.04%</td></tr> </table> <img alt="PerformanceBarChartData(2019:13.16,2020:13.8,2021:12.94,2022:-8.44,2023:15.7,2024:17.86,2025:7.04)" src="jnlst485bpos091.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.82%; Worst Quarter (ended 6/30/2022): -5.07% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_y9eD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202642Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20190101__20191231_zvlvEhcQHYJ9"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">13.59%</td></tr> <tr id="xdx_41E_20200101__20201231_z5qTu4BIP9z7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">14.08%</td></tr> <tr id="xdx_41E_20210101__20211231_zVMXfs0PoqTf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">13.26%</td></tr> <tr id="xdx_411_20220101__20221231_z1EhJ2mjxyC3"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.12%</td></tr> <tr id="xdx_410_20230101__20231231_zk0pmoKfXrY"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.97%</td></tr> <tr id="xdx_417_20240101__20241231_z9OhWtIEMcK4"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.22%</td></tr> <tr id="xdx_419_20250101__20251231_zIxhK93XKW5j"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.41%</td></tr> </table> <img alt="PerformanceBarChartData(2019:13.59,2020:14.08,2021:13.26,2022:-8.12,2023:15.97,2024:18.22,2025:7.41)" src="jnlst485bpos092.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.88%; Worst Quarter (ended 6/30/2022): -4.96% 0.1316 0.1380 0.1294 -0.0844 0.1570 0.1786 0.0704 Best Quarter 2020-06-30 0.0882 Worst Quarter 2022-06-30 -0.0507 0.1359 0.1408 0.1326 -0.0812 0.1597 0.1822 0.0741 Best Quarter 2020-06-30 0.0888 Worst Quarter 2022-06-30 -0.0496 <div id="xdx_A86_eoef--PerformanceTableTextBlock_z5vrb5r4fjk2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zQWISCp4caV5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zvzwznzo2PLd"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zBfFKVjdMYMa"> </td> <td> </td> <td colspan="2" id="xdx_496_20180813__20251231_zDgoYJ4DaY3l" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202641Member_z5Vmerk72vd2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/JPMorgan Hedged Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">7.04</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">8.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">8.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z1LnxKJT1Zfd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_zSPw6EhxKYra" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zJh9C7urv0Yk"> </td> <td> </td> <td id="xdx_495_20210101__20251231_zwlZ2O1pcCW1"> </td> <td> </td> <td colspan="2" id="xdx_49A_20180813__20251231_znwi6vS4t6P1" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202642Member_zjbF5SXx3C0g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/JPMorgan Hedged Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">7.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">8.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">9.06</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zKOwk17iurU5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_z1dyeUS7W9A2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.0704 0.0858 0.0874 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1453 0.0891 0.0933 0.0647 2018-08-13 0.0741 0.0891 0.0906 0.1788 0.1442 0.1453 0.0891 0.0933 0.0647 JNL/JPMorgan MidCap Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek capital growth over the long-term. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zV7hg19s07g3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z2dkgHrQVxBc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000004704Member_zPzuhhweRte1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zXyhwVB7erfd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.49%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcocPgTFrwm9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zOXZmEwwYsFb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zL2GrRWtV6sc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.89%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000067993Member_zAXScccsX907" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zUB16vW6Es0b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.49%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztJMXXCjFEYd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zjscC4TTfJR2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zEVeZ3Fcc4l2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.59%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0049 0.0030 0.0010 0.0089 0.0049 0.0000 0.0010 0.0059 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwPIVzOjOJL9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zzr1Jg4h0tye" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan MidCap Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zMN5rzoG7pOe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zc84XJk8bZec" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zCRQ693Mia77" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_z47EzAGZsnVa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000004704Member_zcGITWT0SHU9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$284</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$493</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,096</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan MidCap Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z3BuEZRvBjSg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zwqkAWZg4Bs3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zJCpSuVq45Mi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_zvuMUu5uSmT3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000067993Member_zcZ6lurltxCh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$189</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$329</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$738</td></tr> </table> 91 284 493 1096 60 189 329 738 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98C_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001797Member_zWUoSXez6PZ3" style="border-bottom: black 1pt solid; width: 16%; text-align: right">69</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.69 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 a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell MidCap Growth Index stocks at the time of purchase. As of December 31, 2025, the market capitalization range for the Russell MidCap Growth Index was $88.9 billion to $1.3 billion. The Fund may use derivatives to hedge various investments, for risk management and to increase the Fund’s income or gain. The Fund may also invest up to 20% of its total assets in all types of foreign securities. The Fund maintains the flexibility to invest in securities of companies from a variety of sectors, but from time to time, based on economic conditions, the Fund may have significant investments in particular sectors. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a broad portfolio of common stocks of companies with market capitalizations equal to those within the universe of Russell MidCap Growth Index stocks at the time of purchase. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services 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. 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). 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. 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. 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. 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. 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. 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. 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. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zPEuluF34ta1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSgI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004704Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_415_20160101__20161231_zQurOB0aUZcf"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.52%</td></tr> <tr id="xdx_41F_20170101__20171231_zFnp7jU1vHQ4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">29.40%</td></tr> <tr id="xdx_415_20180101__20181231_z0ss1r1cTGq9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.00%</td></tr> <tr id="xdx_418_20190101__20191231_z8AVshVXrYU1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">39.92%</td></tr> <tr id="xdx_413_20200101__20201231_zRQAuYpFBFUj" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">47.97%</td></tr> <tr id="xdx_41B_20210101__20211231_z0eUjnbXZvx6" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.03%</td></tr> <tr id="xdx_414_20220101__20221231_zMxg9yqhscB5"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-27.08%</td></tr> <tr id="xdx_41D_20230101__20231231_zj0dY50wwAgk"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">23.21%</td></tr> <tr id="xdx_418_20240101__20241231_z0RkXGXp5Zp8"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">14.12%</td></tr> <tr id="xdx_41C_20250101__20251231_z0SwUaO77Udg"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.08%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.52,2017:29.4,2018:-5,2019:39.92,2020:47.97,2021:11.03,2022:-27.08,2023:23.21,2024:14.12,2025:8.08)" src="jnlst485bpos093.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 32.46%; Worst Quarter (ended 6/30/2022): -20.76% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9xD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067993Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_415_20160101__20161231_zt9Vi1UTd8Lh"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">0.71%</td></tr> <tr id="xdx_415_20170101__20171231_zER2139BrYEb"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">29.70%</td></tr> <tr id="xdx_415_20180101__20181231_z4I3So9WdkHh"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.71%</td></tr> <tr id="xdx_41D_20190101__20191231_zYSW3zKB3vVj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">40.34%</td></tr> <tr id="xdx_410_20200101__20201231_z5FjN8Vbfkdi" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">48.43%</td></tr> <tr id="xdx_411_20210101__20211231_zSW52ApjnOL6" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">11.35%</td></tr> <tr id="xdx_418_20220101__20221231_zbsT5ehzcN3a"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-26.87%</td></tr> <tr id="xdx_411_20230101__20231231_zC1PgTq1iKNb"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">23.59%</td></tr> <tr id="xdx_416_20240101__20241231_zv4pITaVw795"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">14.46%</td></tr> <tr id="xdx_41B_20250101__20251231_zyk62Vet8N1k"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.41%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.71,2017:29.7,2018:-4.71,2019:40.34,2020:48.43,2021:11.35,2022:-26.87,2023:23.59,2024:14.46,2025:8.41)" src="jnlst485bpos094.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 32.54%; Worst Quarter (ended 6/30/2022): -20.70% 0.0052 0.2940 -0.0500 0.3992 0.4797 0.1103 -0.2708 0.2321 0.1412 0.0808 Best Quarter 2020-06-30 0.3246 Worst Quarter 2022-06-30 -0.2076 0.0071 0.2970 -0.0471 0.4034 0.4843 0.1135 -0.2687 0.2359 0.1446 0.0841 Best Quarter 2020-06-30 0.3254 Worst Quarter 2022-06-30 -0.2070 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zwDDqBDdqrnd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zqLNs93IlzYd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z2Zuw4aG1E24" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zbFWNyyCqt0a" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zTWIFlYVAKml" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004704Member_zB8QewzaEex5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan MidCap Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.08</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.23</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.15</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zki8s2wkJPCg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadGrowthIndexMember_zgv1ZBOy7Ond" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zxEJ0G9CFP88" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zazJdDzTBiCb" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zogMzBKDU6G1" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067993Member_zTK6PHXYgdbf" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan MidCap Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zueB5ReovHyh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadGrowthIndexMember_zrbonJedB1f2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0808 0.0423 0.1215 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0678 0.0607 0.1188 0.0841 0.0454 0.1247 0.1721 0.1313 0.1431 0.0678 0.0607 0.1188 JNL/JPMorgan Nasdaq® Hedged Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to provide capital appreciation. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zIs4zWZdcHx4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z9BmpzlUHBeh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000252145Member_zpTXuwWPWY09" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zRK6mmO3vwpe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zfLqlyIrGSh1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zbZJqci2eDZd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z01I6XkwDPJ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000252144Member_zq7khOUUUkyj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z7dtgRgeJmi2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFaWdg4e2Y07" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zPCPCK6nbCq8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zkv6iC0MaQac" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0050 0.0030 0.0019 0.0099 0.0050 0.0000 0.0019 0.0069 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5AtGzUSYjU7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ztCXsOYd3Hd8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Nasdaq® Hedged Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zYXtqpNG8jN3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zPH1ZYRH5rfh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zHrr5aL32Os8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zksrU7MRpvMj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000252145Member_zozMhnH67uS4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Nasdaq® Hedged Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zluPMWqInYSe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zIEwFsZ1WjM6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z8bLXdmHlf1a" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zHNArGsrtm52" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000252144Member_zilv4UkTj6Nl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> 101 315 547 1213 70 221 384 859 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_988_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000086557Member_zfekU3qdUwE7" style="border-bottom: black 1pt solid; width: 16%; text-align: right">78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.78 Principal Investment Strategies. The Fund seeks to provide capital appreciation through participation in the equity markets while hedging overall market exposure relative to traditional long-only equity 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 equity securities of Nasdaq listed companies. The Fund seeks to achieve its investment objective by investing in an actively managed portfolio of equity securities, including securities in the Nasdaq-100 Index® (the “Index”). The Fund can invest in both large cap and mid cap companies. The Fund may also invest in other equity securities not included in the Index. Currently, many of the equity securities in the Fund’s portfolio will be technology companies or companies that rely heavily on technological advances. The Fund will also purchase and sell exchange-traded put options and sell exchange-traded call options, employing an options overlay known as a “put/spread collar” strategy. The options may be based on the Index or on exchange-traded funds (“ETFs”) that replicate the Index (“Nasdaq 100 ETFs”). The combination of the portfolio of equity securities, the downside hedge from long index put options, and the income from the short index call options is intended to provide the Fund with a portion of the returns associated with equity market investments while exposing investors to less risk than traditional long-only equity strategies. Specifically, the Fund seeks to provide a competitive risk-adjusted return over a full market cycle relative to the Index with lower volatility than traditional long-only equity strategies. The “put/spread collar” strategy is designed to provide a continuous market hedge for the portfolio (i.e., to minimize loss). The Fund’s combination of an equity portfolio, with the “put/spread collar” options overlay strategy is designed to provide greater market protection than other equity investments, but may not always do so, particularly in rising equity markets when the Fund may underperform traditional equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide market protection during times of low market volatility; during such periods, the Fund is expected to perform in line with broad equity markets. The Fund may use futures contracts, primarily futures on indices, to more effectively gain targeted equity exposure from its cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities of Nasdaq listed companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. 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. 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. 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. 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. 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. 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. 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). 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. Redemption risk – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio securities, higher brokerage commissions, and other transaction costs. Data science investment approach risk – The Fund relies on a proprietary data science enabled selection approach that utilizes proprietary techniques to process, analyze, and combine a wide variety of information, including the adviser’s multi-decade history of proprietary fundamental research, company financial statements, and other relevant data sources, to forecast the financial prospects of each security and to assess key risks. There is no guarantee that the use of the Fund’s proprietary data science approach will result in effective investment decisions for the Fund and, specifically to the extent the approach does not perform as designed or as intended, the Fund’s strategy may not be successfully implemented and the Fund may lose value. 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 broad-based securities market indices and additional indices 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. 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 broad-based securities market indices and additional indices 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zaQjv81Lcodj"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zevZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252145Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20250101__20251231_zqH5fEM6ocs"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.83%</td></tr> </table> <img alt="PerformanceBarChartData(2025:8.83)" src="jnlst485bpos095.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.51%; Worst Quarter (ended 3/31/2025): -6.02% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9fD5pPMAcj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252144Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20250101__20251231_zpyeHckm6ok7"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.02%</td></tr> </table> <img alt="PerformanceBarChartData(2025:9.02)" src="jnlst485bpos096.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.60%; Worst Quarter (ended 3/31/2025): -6.01% 0.0883 Best Quarter 2025-06-30 0.0651 Worst Quarter 2025-03-31 -0.0602 0.0902 Best Quarter 2025-06-30 0.0660 Worst Quarter 2025-03-31 -0.0601 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zBoiSuR8LLc8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_znFp17SgnLp6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zymhJ4ZXW5xb"> </td> <td> </td> <td colspan="2" id="xdx_490_20241021__20251231_zQA5NiVwn866" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (October 21, 2024)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252145Member_zicnQpuVggs8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 76%">JNL/JPMorgan Nasdaq® Hedged Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">8.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zANM5npMmIE5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.30</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Nasdaq100IndexMember_zHQewm1RGS6d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">20.75</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_z59TGCY0YRnk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.68</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zCgTMoWGUDz3"> </td> <td> </td> <td colspan="2" id="xdx_490_20241021__20251231_zW6ec5oJjE5a" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (October 21, 2024)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252144Member_zymFEjrOf1R" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 76%">JNL/JPMorgan Nasdaq® Hedged Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">9.02</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zPSx3ZcIFYM5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.30</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Nasdaq100IndexMember_zCUtn3ilNwX8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">20.75</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--CBOESAndP500BuyWriteIndexMember_zYbOzJGfoabk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">CBOE S&P 500 BuyWrite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.91</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.68</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2024-10-21 0.0883 0.1001 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1530 0.2102 0.2075 0.0891 0.1168 2024-10-21 0.0902 0.1026 0.1780 0.1530 0.2102 0.2075 0.0891 0.1168 JNL/JPMorgan U.S. Government & Quality Bond Fund Class A Class I Investment Objective. The investment objective of the Fund is to obtain 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_z9sICbQh7JQc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zyYCeNte7qzl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000004649Member_zFr45BjmdeZ2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_z3LsDvob2Q9g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.29%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFTWWQ2joMsa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zqKExCCz5TL5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zUOjhPBteyHh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="border: black 1pt solid; padding-right: 5.4pt; vertical-align: bottom; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000067980Member_zBhItRSLAmL" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; width: 30%; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zeheLkW5eZDe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.29%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zpQKnJrQaP16" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zSLlfd0PctD2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zUSzM8M5kAp2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.39%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0029 0.0030 0.0010 0.0069 0.0029 0.0000 0.0010 0.0039 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZuS1lLLIWE8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zCSjMkrR1zRl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan U.S. Government & Quality Bond Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z6lBlwOLD9O3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z7hfHczzP9Q7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zKbAYA1kutal" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zFPPKEetCHK4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000004649Member_z5JRzYNIrki" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan U.S. Government & Quality Bond Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zhfBpExmJB0g" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zn5eemyhqLLc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z9efiT3WN1le" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbx0xjUvrae1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000067980Member_z9X6DJHbt0rb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$40</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$125</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$219</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$493</td></tr> </table> 70 221 384 859 40 125 219 493 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98D_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001742Member_zA7xryz1C0t8" style="border-bottom: black 1pt solid; width: 16%; text-align: right">31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.31 Principal Investment Strategies. The Fund under normal circumstances invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in U.S. Treasury securities, obligations issued by agencies or instrumentalities of the U.S. Government (which may not be backed by the U.S. Government) and mortgage-backed securities, that are supported either by the full faith and credit of the U.S. Government or their own credit, collateralized mortgage obligations issued by private issuers, and repurchase agreements related to the principal investments. J.P. Morgan Investment Management Inc. (“Sub-Adviser”) actively manages the portfolio’s interest rate exposure, yield curve positioning, sector allocation and security selection. Mortgage-backed securities selections are determined by reference to mathematical models that reflect certain payment assumptions and estimates of future economic factors. The Fund may also invest in high-quality corporate debt securities. All securities in the Fund are investment grade at the time of purchase. The Fund under normal circumstances invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in U.S. Treasury securities, obligations issued by agencies or instrumentalities of the U.S. Government (which may not be backed by the U.S. Government) and mortgage-backed securities, that are supported either by the full faith and credit of the U.S. Government or their own credit, collateralized mortgage obligations issued by private issuers, and repurchase agreements related to the principal investments. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. 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. <div id="xdx_A82_eoef--BarChartTableTextBlock_zu5tM60FxzId"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9r" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004649Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41F_20160101__20161231_z1AXXh11Uyf3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">1.45%</td></tr> <tr id="xdx_41A_20170101__20171231_zd154BZqPlH6"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">2.51%</td></tr> <tr id="xdx_414_20180101__20181231_zIOxagbMVHNi"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.45%</td></tr> <tr id="xdx_411_20190101__20191231_zDh9ezMvH9vh"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">6.46%</td></tr> <tr id="xdx_413_20200101__20201231_zhevtyUP16ya" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">6.95%</td></tr> <tr id="xdx_412_20210101__20211231_zQlfXIr0UEc8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-2.14%</td></tr> <tr id="xdx_416_20220101__20221231_zLMdUtDFOJdj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.66%</td></tr> <tr id="xdx_41A_20230101__20231231_zAJG1jT3kOh5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.16%</td></tr> <tr id="xdx_416_20240101__20241231_zQpWKuCA14td"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">1.15%</td></tr> <tr id="xdx_418_20250101__20251231_zZ88UGB3kos4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.61%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.45,2017:2.51,2018:0.45,2019:6.46,2020:6.95,2021:-2.14,2022:-11.66,2023:4.16,2024:1.15,2025:6.61)" src="jnlst485bpos097.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 5.77%; Worst Quarter (ended 3/31/2022): -4.95% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5qPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067980Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_41F_20160101__20161231_zorqvrcHJr51"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">1.62%</td></tr> <tr id="xdx_41E_20170101__20171231_zGjqobbvPuJh"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">2.70%</td></tr> <tr id="xdx_416_20180101__20181231_zZyj8StDB5Be"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.77%</td></tr> <tr id="xdx_417_20190101__20191231_z5t4px6BUXd3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">6.81%</td></tr> <tr id="xdx_41B_20200101__20201231_zThBKl1dWMfd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.22%</td></tr> <tr id="xdx_415_20210101__20211231_zIpTHsTNq7h1" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.83%</td></tr> <tr id="xdx_41C_20220101__20221231_zW8OgSEFULxf"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.38%</td></tr> <tr id="xdx_41E_20230101__20231231_z8q316p0In9c"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.51%</td></tr> <tr id="xdx_41B_20240101__20241231_zSYrsX8oTJI9"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">1.37%</td></tr> <tr id="xdx_41B_20250101__20251231_zCnFxjFW27na"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.95%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.62,2017:2.7,2018:0.77,2019:6.81,2020:7.22,2021:-1.83,2022:-11.38,2023:4.51,2024:1.37,2025:6.95)" src="jnlst485bpos098.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 5.86%; Worst Quarter (ended 3/31/2022): -4.93% 0.0145 0.0251 0.0045 0.0646 0.0695 -0.0214 -0.1166 0.0416 0.0115 0.0661 Best Quarter 2023-12-31 0.0577 Worst Quarter 2022-03-31 -0.0495 0.0162 0.0270 0.0077 0.0681 0.0722 -0.0183 -0.1138 0.0451 0.0137 0.0695 Best Quarter 2023-12-31 0.0586 Worst Quarter 2022-03-31 -0.0493 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zvOfJbSZgQah"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zJzlRQLLoisl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z4o1hdV3HJc4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zQwOct38UAdh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zKfHrRkHnwJe" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004649Member_zzBqayMQ3M6g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan U.S. Government & Quality Bond Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.61</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.45</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zjPl2EGvX90g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIndexMember_zahO3IIaIlJk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Government Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.31</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z4xqJguyaWb5" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zh6kYd1J4aAa" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zbvSdK0SAosf" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067980Member_zh0HV2D6oLl5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan U.S. Government & Quality Bond Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.95</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zUQ8r7ZNweIl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSGovernmentIndexMember_zSLkfKwywlwd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Government Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.31</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0661 -0.0059 0.0145 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0631 -0.0094 0.0138 0.0695 -0.0029 0.0173 0.0730 -0.0036 0.0201 0.0631 -0.0094 0.0138 JNL/JPMorgan U.S. Value Fund Class A Class I Investment Objective. The investment objective of the Fund is capital growth over the long-term. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_znrl6vi7Doa9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zpgjxnDgRE6e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000039493Member_z3E2Ks7VvkD8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z5ahBStmVyrd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zj3yQoet6yL4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zAYTICBs7tn3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zamJzPIhAswf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.89%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_F02_zZDbTi3tBmyf" style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000068003Member_z1U2PCuMKFIe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zT8DXk5Rqadc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zv9Onrb3AXm" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zFrikkIuDksi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zZlBNfIvErGh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.59%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0048 0.0030 0.0011 0.0089 0.0048 0.0000 0.0011 0.0059 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_z7hZlSI0MQKf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z2DLoK7SIKn4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan U.S. Value Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zJKgBudiktp" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zMOukOqs37m" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zwkbaTeyiMo" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zrVafHZMs0M8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000039493Member_zYVMHjy0Lyq4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$284</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$493</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,096</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan U.S. Value Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zSyeA9lNyLq8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zM27C6gKFLud" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTYro4RXMz4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zd3SOELwAo38" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000068003Member_z8kwAGdJGVL2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$189</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$329</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$738</td></tr> </table> 91 284 493 1096 60 189 329 738 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000014515Member_zy3tfPdBOP14" style="border-bottom: black 1pt solid; width: 16%; text-align: right">21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.21 Principal Investment Strategies. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in common stocks. J.P. Morgan Investment Management, Inc. (“Sub-Adviser”) applies an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon. The securities held by the Fund will predominantly be of companies with market capitalizations similar to those within the universe of the Morningstar® US Large-Mid Cap Broad Value Index℠ (“Index”), which includes both large cap and mid cap companies. As of the reconstitution of the Index on December 31, 2025, the market capitalizations of the companies in the Index ranged from $3.781 trillion to $1.309 billion. The Fund may sell a security for several reasons, including a change in the company’s fundamentals or if the Sub-Adviser believes the security is no longer attractively valued. Investments may also be sold if the Sub-Adviser identifies a stock that it believes offers a better investment opportunity. While common stocks are the Fund’s primary investment, the Fund may also invest in real estate investment trusts (“REITs”) and depositary receipts. Depositary receipts are financial instruments representing a foreign company’s publicly traded securities. A depositary receipt trades on a stock exchange in a country different from the company’s local market. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in common stocks. J.P. Morgan Investment Management, Inc. (“Sub-Adviser”) applies an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z9tZupK6mCb2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zc0cOQdrOfQ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentStyleRiskMember_zUFNgE4S7Hx4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing).</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_z0iGokdd44Eb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zTAwj1lePiLi"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zJ5guA08upO"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z3A7qkQoMaqb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentRiskMember_zvEyb4xBCmT"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zVdwHa96jeF4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zEqSkcDGZmm2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--RedemptionRiskMember_z1VT8ZgbQPy3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Redemption risk – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio securities, higher brokerage commissions, and other transaction costs.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zpmSQ1MUsGn6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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 prior to April 27, 2020 reflects the Fund’s results when managed by the former sub-adviser, Franklin Mutual Advisers, LLC. 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 27, 2020, the Fund was combined with JNL/PPM America Value Equity Fund (the “Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zEYZL2Z4pPE3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zuCQ8soI6Iq" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000039493Member_z7HpmcUNoPJ5" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_zZK8MxQ7LFU3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">15.68%</td></tr> <tr id="xdx_413_20170101__20171231_zVhJQSaHEuQ7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">8.11%</td></tr> <tr id="xdx_41A_20180101__20181231_zycTLRWtm947"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.03%</td></tr> <tr id="xdx_419_20190101__20191231_zqyW4cghyMwd"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">22.97%</td></tr> <tr id="xdx_41D_20200101__20201231_zTZR38ddffnh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.78%</td></tr> <tr id="xdx_412_20210101__20211231_zPpd2JFs6Zi8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.36%</td></tr> <tr id="xdx_418_20220101__20221231_zbtjUrcq3WU2"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-2.96%</td></tr> <tr id="xdx_414_20230101__20231231_zIbZdBoDJj52"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.00%</td></tr> <tr id="xdx_41D_20240101__20241231_ztX93KGeX2F5"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">14.72%</td></tr> <tr id="xdx_417_20250101__20251231_zAyvDAzBryja"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.86%</td></tr> </table> <img alt="PerformanceBarChartData(2016:15.68,2017:8.11,2018:-9.03,2019:22.97,2020:-3.78,2021:27.36,2022:-2.96,2023:9,2024:14.72,2025:13.86)" src="jnlst485bpos099.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 15.79%; Worst Quarter (ended 3/31/2020): -29.39% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zBnoYY3Dqzyc" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000068003Member_zJF60GT4dfS6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_z1ujxpbQX0vb"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">15.78%</td></tr> <tr id="xdx_413_20170101__20171231_zC0ymNyOHAI2"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">8.41%</td></tr> <tr id="xdx_41A_20180101__20181231_zWSN4u5d3L5a"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.76%</td></tr> <tr id="xdx_419_20190101__20191231_zuDbZYpnmn58"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">23.43%</td></tr> <tr id="xdx_41D_20200101__20201231_zXyk1w1RjHBf" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.57%</td></tr> <tr id="xdx_412_20210101__20211231_zBHmqlilntdl" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.76%</td></tr> <tr id="xdx_418_20220101__20221231_zZ3zZIuEf7y3"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-2.64%</td></tr> <tr id="xdx_414_20230101__20231231_z6aGL5z99yKe"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.34%</td></tr> <tr id="xdx_41D_20240101__20241231_zyL0dbKoB2ki"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">15.08%</td></tr> <tr id="xdx_417_20250101__20251231_zuThwjjlxdbf"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">14.21%</td></tr> </table> <img alt="PerformanceBarChartData(2016:15.78,2017:8.41,2018:-8.76,2019:23.43,2020:-3.57,2021:27.76,2022:-2.64,2023:9.34,2024:15.08,2025:14.21)" src="jnlst485bpos100.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 15.84%; Worst Quarter (ended 3/31/2020): -29.31% 0.1568 0.0811 -0.0903 0.2297 -0.0378 0.2736 -0.0296 0.0900 0.1472 0.1386 Best Quarter 2020-12-31 0.1579 Worst Quarter 2020-03-31 -0.2939 0.1578 0.0841 -0.0876 0.2343 -0.0357 0.2776 -0.0264 0.0934 0.1508 0.1421 Best Quarter 2020-12-31 0.1584 Worst Quarter 2020-03-31 -0.2931 <div id="xdx_A83_eoef--PerformanceTableTextBlock_z20Qb3CGNlgk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zbrqBOmvOrG5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zHo835y5VsSa" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zcEcsLxijNS9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zgtTEmCyn9Nc" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000039493Member_zYRMbVby7LMa" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan U.S. Value Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.86</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.01</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zFtxMrd1YzYb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_z9wl0OgzLq8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zNSPdtuG8MQ3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z4y4pOLFkMzc" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zxc8eR8pAWse" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000068003Member_zjmHOntEnixi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan U.S. Value Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.21</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zfRqevJN9D08" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zPQr9snrG871" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1386 0.1197 0.0901 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 0.1421 0.1232 0.0931 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 JNL/Loomis Sayles Global Growth Fund Class A Class I 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z2Bajdapb4C5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zfTQG5wMCDs3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000202644Member_zjz1gSVoeOcf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zgOSDV3ckj3i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zOSf9LuJWGkd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z5YXRbLw8I7a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zSSvCutyQdb7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000202643Member_zg41ClDIaY8a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zEdWjfejKQpe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.53%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zY5lc1Q608P4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zD7NtUhlPTmd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zANa5kfIKoYj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0053 0.0030 0.0016 0.0099 Expense information has been restated to reflect current fees. 0.0053 0.0000 0.0016 0.0069 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_znpIP5gQK1r3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zgNZNRcTBRo" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Loomis Sayles Global Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zd6VmunRdOSj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zG1JPXvtK8Ag" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z4B1zlVf9kf9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zYc9plBkwJqf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000202644Member_z5nxMRqdwjaj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Loomis Sayles Global Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zzGNknfcWpK6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_za85U703erI3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zof46cUaGpEj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zP3QX6PsNMV6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000202643Member_zR41X9BcHgo4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> 101 315 547 1213 70 221 384 859 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98C_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000062463Member_zCYb5wBmSgK6" style="border-bottom: black 1pt solid; width: 16%; text-align: right">14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.14 Principal Investment Strategies. Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks and depositary receipts. The Fund will invest in securities that provide exposure to no fewer than three countries, which will include the U.S. In addition, the Fund will invest at least 30% of its assets in securities of companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that have their securities traded on non-U.S. exchanges, or companies that have been formed under the laws of non-U.S. countries. Notwithstanding the foregoing, to determine if a security is classified as U.S. or non-U.S., Loomis, Sayles & Company, L.P., the Fund’s sub-adviser (“Sub-Adviser”) considers a variety of factors (collectively designed to assess whether an issuer is economically tied to a particular country or region), including but not limited to: the markets in which the issuer’s securities are primarily traded; the location of the issuer’s headquarters, principal offices, or operations; the country where the issuer is organized; the percentage of the issuer’s revenues or profits derived from goods produced or sold, investments made, or services performed in the relevant country; and information provided by third-party data analytics service providers. The Fund may also invest up to 30% of its assets in emerging markets securities. The Fund considers a security to be an emerging markets security if its “country of risk” is included within the Morningstar® Emerging Markets Index℠. The Fund focuses on stocks of large capitalization companies, but the Fund may invest in companies of any size. The Fund normally invests across a wide range of sectors and industries. The Sub-Adviser employs a growth style of equity management, which means that the Fund seeks to invest in companies with sustainable competitive advantages versus others, long-term structural growth drivers that will lead to above-average future cash flow growth, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The Sub-Adviser also aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value (i.e. companies with share prices trading significantly below what the portfolio manager believes the share price should be). The Fund will consider selling a portfolio investment when the Sub-Adviser believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the Sub-Adviser deems appropriate. The Fund may also engage in foreign currency transactions (including foreign currency forwards and foreign currency futures) for hedging purposes, invest in options for hedging and investment purposes and invest in securities issued pursuant to Rule 144A under the Securities Act of 1933 (“Rule 144A securities”). Under normal market conditions, the Sub-Adviser does not intend to hedge currency risk, which may cause the Fund to incur losses that would not have been incurred had the risk been hedged. Except as provided above, the Fund is not limited in the percentage of its assets that it may invest in these instruments. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. Under normal market conditions, the Fund will invest primarily in equity securities, including common stocks and depositary receipts. The Fund will invest in securities that provide exposure to no fewer than three countries, which will include the U.S. In addition, the Fund will invest at least 30% of its assets in securities of companies that maintain their principal place of business or conduct their principal business activities outside the U.S., companies that have their securities traded on non-U.S. exchanges, or companies that have been formed under the laws of non-U.S. countries. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zS2sa4AGrqRk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zdaqgapnSUA6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IssuerRiskMember_zkthe4pTIx3g"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CompanyRiskMember_zCoshfXczPw3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zSHYERFQ08Ag"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zfyEpHJaofU2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z3T0MUwfLrCf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zWHG9c7OItCj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--Rule144ASecuritiesRiskMember_zI6OAutpbHy6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zbiJB8pwTwGc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zURIzpN6vPG4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zGB9XJU8qd21"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zebmgPr0bMej"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationInvestingRiskMember_zETLSLplsUb3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zBaQeJnSast6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zPEnZyzAE8L8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zbufzqotTked"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zClp3ISMLHB5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zS9u0oqNlc33"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zQdsc2eeLUq1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> 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. 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 27, 2020, the Fund was combined with the JNL/Franklin Templeton Global Fund, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. Effective April 27, 2026, the Fund was combined with JNL/AB Sustainable Global Thematic Fund and JNL/Invesco Global Growth Fund (“Acquired Funds”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Funds. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A88_eoef--BarChartTableTextBlock_zcJvCdoYIpt6"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zZhkG7e9fNn1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_487_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202644Member_zLG8y8wSOdq9" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20190101__20191231_zNQDDni80j2h"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">30.75%</td></tr> <tr id="xdx_41D_20200101__20201231_zpLjMdXIPcn7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">34.85%</td></tr> <tr id="xdx_412_20210101__20211231_zGJadV1aGtzg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">5.61%</td></tr> <tr id="xdx_418_20220101__20221231_zoSPkiJ4E9Nl" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-26.25%</td></tr> <tr id="xdx_414_20230101__20231231_zv5h7xsDf3Ma" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">36.41%</td></tr> <tr id="xdx_41D_20240101__20241231_zQCA0TkC0Rwc" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">22.45%</td></tr> <tr id="xdx_417_20250101__20251231_zBBu48cKaeCc" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">17.45%</td></tr> </table> <img alt="PerformanceBarChartData(2019:30.75,2020:34.85,2021:5.61,2022:-26.25,2023:36.41,2024:22.45,2025:17.45)" src="jnlst485bpos101.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 26.32%; Worst Quarter (ended 6/30/2022): -20.33% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zCbso9TrqnU" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_481_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202643Member_zT7SXMk3ovA4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_419_20190101__20191231_zelDmJtWxB85"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.18%</td></tr> <tr id="xdx_41D_20200101__20201231_zzJxECD00Zj2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">35.30%</td></tr> <tr id="xdx_412_20210101__20211231_zDQK2znqvbpf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">5.82%</td></tr> <tr id="xdx_418_20220101__20221231_z6brUww8Yyb7" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-25.97%</td></tr> <tr id="xdx_414_20230101__20231231_zFvweX9FR9U5" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">36.76%</td></tr> <tr id="xdx_41D_20240101__20241231_zJ0RbIC6j8bj" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">22.82%</td></tr> <tr id="xdx_41C_20250101__20251231_z78xLClDbNyk" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">17.83%</td></tr> </table> <img alt="PerformanceBarChartData(2019:31.18,2020:35.3,2021:5.82,2022:-25.97,2023:36.76,2024:22.82,2025:17.83)" src="jnlst485bpos102.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 26.39%; Worst Quarter (ended 6/30/2022): -20.31% 0.3075 0.3485 0.0561 -0.2625 0.3641 0.2245 0.1745 Best Quarter 2020-06-30 0.2632 Worst Quarter 2022-06-30 -0.2033 0.3118 0.3530 0.0582 -0.2597 0.3676 0.2282 0.1783 Best Quarter 2020-06-30 0.2639 Worst Quarter 2022-06-30 -0.2031 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zoI1YIG2rMM3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z2W4vMzqwSyi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zJCQU5iW0RHa"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zwYbfOuwgF0e"> </td> <td> </td> <td colspan="2" id="xdx_492_20180813__20251231_zhMBvgPkbmbl" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202644Member_zKPQGn7nH1tg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Loomis Sayles Global Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">17.45</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">8.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">12.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z4jbLzpKzfrb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.41</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zdfp4IKIpyE7"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zjYozB9LCbC4"> </td> <td> </td> <td colspan="2" id="xdx_492_20180813__20251231_zh6h0aV1GxC7" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202643Member_ziCMhNMam5B7" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Loomis Sayles Global Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">17.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">9.17</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">12.81</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zdYlie3i26xe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.41</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.1745 0.0885 0.1247 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1141 2018-08-13 0.1783 0.0917 0.1281 0.2223 0.1120 0.1141 JNL/Lord Abbett Short Duration Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek a high level of income consistent with preservation 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zqlWRJmTBce4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zaX5g6eps57i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000218177Member_zOa5mTLtx7p9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zIfwYekCdsfd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zBQLWvIPz8u6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zUmT1jDUXp4a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zzwVRlS6n0N3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.80%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000218176Member_zMFdkQqaSPbf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zb0vZHKnPEUf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z0bwobPIkMq1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zrmwb6bIyeU5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zkeOudZMMTd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.50%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0035 0.0030 0.0015 0.0080 0.0035 0.0000 0.0015 0.0050 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zGkk2v8UkXjf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9cV4IKwYPJd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Lord Abbett Short Duration Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zAKUZg3mKUl4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zPyNExdMoJA8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zSGk44I2JFYk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zuIPkLju4Ak9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000218177Member_zA739EIuOM4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$255</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$444</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$990</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Lord Abbett Short Duration Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zyO8a0hurvsh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zEbbSgGoV6t9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zVSLvEgsy6tb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z75y7mYSEMa3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218176Member_zEzPuW07aMid" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$51</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$160</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$280</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$628</td></tr> </table> 82 255 444 990 51 160 280 628 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_981_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000068109Member_znNO8zLKEko8" style="border-bottom: black 1pt solid; width: 16%; text-align: right">96</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.96 Principal Investment Strategies. The Fund invests in various types of short-duration debt (or fixed-income) securities. Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt securities of various types. Such investments include: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Corporate debt securities of U.S. issuers;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Corporate debt securities of non-U.S. (including emerging market) issuers that are denominated in U.S. dollars;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Mortgage-backed, mortgage-related, and other asset-backed securities, including privately issued mortgage-related securities and commercial mortgage-backed securities (“CMBS”);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Inflation-linked investments.</td></tr></table> The Fund may invest in Treasury Inflation Protected Securities (“TIPS”), which are U.S. Government bonds whose principal automatically is adjusted for inflation as measured by the Consumer Price Index for All Urban Consumers (“CPI-U”), and other inflation-indexed securities issued by the U.S. Department of Treasury. The Fund may invest up to 35% of its net assets in any one or a combination of the following types of fixed income securities and other instruments: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>High-yield debt securities (commonly referred to as “lower-rated” or “junk” bonds);</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Debt securities of non-U.S. (including emerging market) issuers that are denominated in foreign currencies;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Senior loans, including bridge loans, novations, assignments, and participations;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Convertible securities, including convertible bonds and preferred stocks; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Structured securities and other hybrid instruments, including collateralized loan obligations (“CLOs”).</td></tr></table> The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to mortgage-backed securities, privately issued mortgage-related securities, or securities issued by the U.S. Government, its agencies and instrumentalities. The Fund may, and typically does, invest substantially in CMBS, including lower-rated CMBS. The Fund seeks to manage interest rate risk through its management of the average duration of the securities it holds in its portfolio. Under normal conditions, the Fund will maintain its average dollar-weighted duration range between one and three years. The duration of a security takes into account the pattern of all expected payments of interest and principal on the security over time, including how these payments are affected by changes in interest rates. The Fund may use derivatives to hedge against risk or to gain investment exposure. Currently, the Fund expects to invest in derivatives consisting principally of futures, forwards, options, and swaps. The Fund may use derivatives to seek to enhance returns, to attempt to hedge some of its investment risk, to manage portfolio duration, as a substitute for holding the underlying asset on which the derivative instrument is based, or for cash management purposes. For example, the Fund may invest in or sell short U.S. Treasury futures, securities index futures, other futures, including commodity futures, and/or currency forwards to adjust the Fund’s exposure to the direction of interest rates, or for other portfolio management reasons. The Fund’s sub-adviser, Lord, Abbett & Co. LLC (the “Sub-Adviser”), buys and sells securities using a relative value-oriented investment process, meaning the Sub-Adviser generally seeks more investment exposure to securities believed to be undervalued and less investment exposure to securities believed to be overvalued. The Sub-Adviser combines top-down and bottom-up analysis to construct its portfolio, using a blend of quantitative and fundamental research. As part of its top down analysis, the Sub-Adviser evaluates global economic conditions, including monetary, fiscal, and regulatory policy, as well as the political and geopolitical environment, in order to identify and assess opportunities and risks across different segments of the fixed income market. The Sub-Adviser employs bottom-up analysis to identify and select securities for investment by the Fund based on in-depth company, industry, and market research and analysis. The Sub-Adviser may actively rotate sector exposure based on its assessment of relative value. The Fund may engage in active and frequent trading of its portfolio securities. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment, or shows signs of deteriorating fundamentals, among other reasons. The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective. Under normal conditions, the Fund pursues its investment objective by investing at least 65% of its net assets in investment grade debt securities of various types. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagedPortfolioRiskMember_zCZEpM6Rh3Rf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5IKR7kNXqs1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeRiskMember_z4WvEFycQHWg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zZVeyyCGIDTk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldBondsLowerRatedBondsAndUnratedSecuritiesRiskMember_zKLNnOYl0DC9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CreditsRiskMember_zi2g3pZBMu5b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InterestRatesRiskMember_zNiRbQFHKmUf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zaUb5nmfsMAb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentSecuritiesRiskMember_zDHo2X2y3VX1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MortgageRelatedAndOtherAssetBackedSecuritiesRiskMember_zjPFLTZWlvQ"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommercialMortgageBackedSecuritiesRiskMember_z3jgkasMfYI4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Commercial mortgage-backed securities risk – Commercial mortgage-backed securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zVaMBnFglXj5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TipsAndInflationLinkedBondsRiskMember_zrunCf4T2Z35"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zyghIHzSe3t8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zfL0I0na0t4c"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SeniorLoansRiskMember_zSIF4lYn3924"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CollateralizedLoanObligationsRiskMember_zuiDfIsAu2Cj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Collateralized loan obligations risk – Collateralized loan obligations (“CLOs”) are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” of debt that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and exhaustion of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. Subordinate tranche investments involve greater risk of loss than more senior tranches. CLOs also carry risks including, but not limited to, interest rate risk and credit risk.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zqAyUrYnQFbl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AssetBasedSecuritiesRiskMember_zoj0CPHcv5Ff"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.”</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityLinkedDerivativesRiskMember_zNfibHoVeVz6"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments.</td></tr></table> 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. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_z5YCXJZwa8Fl"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_dU_zEJxbqLZf4b5" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218177Member_zKGo2J9yL5p1" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_416_20210101__20211231_zSTqdjOdW0j7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.33%</td></tr> <tr id="xdx_419_20220101__20221231_zUrPLPQ7n653" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-4.95%</td></tr> <tr id="xdx_413_20230101__20231231_zfGzaB8ysJBl" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">5.38%</td></tr> <tr id="xdx_419_20240101__20241231_zB9kyCgQw1K6" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">5.10%</td></tr> <tr id="xdx_415_20250101__20251231_zj12Iv6FDLM7" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">5.84%</td></tr> </table> <img alt="PerformanceBarChartData(2021:0.33,2022:-4.95,2023:5.38,2024:5.1,2025:5.84)" src="jnlst485bpos103.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2024): 2.82%; Worst Quarter (ended 3/31/2022): -2.78% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A58_dU_zXzR38NLfHIj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218176Member_zO43dxDVr0pa" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20210101__20211231_zKyzcbKdc6d9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">0.68%</td></tr> <tr id="xdx_41D_20220101__20221231_z39eUwRToGOa" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-4.73%</td></tr> <tr id="xdx_41A_20230101__20231231_zPj1OmpiCBX5" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">5.70%</td></tr> <tr id="xdx_416_20240101__20241231_zS2MuGehkRx6" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">5.35%</td></tr> <tr id="xdx_41D_20250101__20251231_zGMJDXpDrovi" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">6.28%</td></tr> </table> <img alt="PerformanceBarChartData(2021:0.68,2022:-4.73,2023:5.7,2024:5.35,2025:6.28)" src="jnlst485bpos104.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 2.90%; Worst Quarter (ended 3/31/2022): -2.76% 0.0033 -0.0495 0.0538 0.0510 0.0584 Best Quarter 2024-09-30 0.0282 Worst Quarter 2022-03-31 -0.0278 0.0068 -0.0473 0.0570 0.0535 0.0628 Best Quarter 2023-12-31 0.0290 Worst Quarter 2022-03-31 -0.0276 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zMsanfRP35Tg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zfCPHH9whGI1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zF5JX9vLBfy6"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zhqA35KHGBJg"> </td> <td> </td> <td colspan="2" id="xdx_498_20200427__20251231_ziIqS5sA1AE8" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (April 27, 2020)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218177Member_z5nQD8gQT2Xc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Lord Abbett Short Duration Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">5.84</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">2.25</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">2.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zhZAfXohPRvd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1to3YearUSCorporateIndexMember_zle4Ups5CDy7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">ICE BofA 1-3 Year U.S. Corporate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z4HxUxAnQr15"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zNj2YkV1H7N"> </td> <td> </td> <td colspan="2" id="xdx_498_20200427__20251231_zE5K3fzYpPg" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (April 27, 2020)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218176Member_zfCk8lIdTAI2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Lord Abbett Short Duration Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">6.28</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">2.57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">3.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z4dsZ5Kw6FVk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofA1to3YearUSCorporateIndexMember_zRXlxGTZuMb7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">ICE BofA 1-3 Year U.S. Corporate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2020-04-27 0.0584 0.0225 0.0277 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0010 0.0589 0.0249 0.0286 2020-04-27 0.0628 0.0257 0.0309 0.0730 -0.0036 0.0010 0.0589 0.0249 0.0286 JNL/Mellon Emerging Markets Index Fund Class A Class I Investment Objective. The investment objective of the Fund (“Fund” or “Feeder Fund”) is to track the performance of the Morningstar® Emerging Markets Target Market Exposure IndexSM (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets through exclusive investment in shares of the JNL Emerging Markets Index Fund (“Master Fund”). 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_znVNBr2sNdAe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zBFboRLlIBBi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000102953Member_zrhFYdXCJARe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zjDhEnQQtPk3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zSG8jhcr4yp1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zHFDAvtK8Ctc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zRN0u262vakd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.95%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zyyLdwnwADWf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp0_zoRpDgEGtRXj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.75%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000102954Member_zFdkrtnewPKg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zC45iftOjbzd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zW7FM3ll00qa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zLrWNmDXAPll" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zUrFYG07aCkl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zWn7Am93TOCg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3,4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.25%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp0_z33N6pouZLEk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.40%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0048 0.0030 0.0017 0.0095 0.0020 0.0075 0.0048 0.0000 0.0017 0.0065 0.0025 0.0040 Expense Example.(1) 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. The example also assumes that the Class I administrative waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJSNdsYiBY8l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z8PGK2w8Hhy3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Emerging Markets Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zmzrgRFiIlN8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zOmlhdJ9PXOj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDvDEeFqbSi6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbSEXiGvcFR8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000102953Member_zwSxlHUYEqYh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$77</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$283</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$506</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,148</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Emerging Markets Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zBhceFkjICD5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zRFzSsNwUu1h" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zAXX45Un9Q52" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zqKSrEL0NVL4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000102954Member_zTtVoM8hxwTg" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$183</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$337</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$787</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 77 283 506 1148 41 183 337 787 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98A_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000033505Member_zP0mRPpnaJQe" style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class I shares of the Master Fund. The Master Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar® Emerging Markets Target Market Exposure Index℠ (Net) (“Index”), including depositary receipts representing securities of the Index; which may be in the form of American Depositary receipts (“ADRs”), Global Depositary receipts (“GDRs”) and European Depositary receipts (“EDRs”). The Index is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Emerging Markets equity markets. Morningstar Indexes classifies Brazil, Chile, Colombia, Mexico, Peru, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan, Thailand, Czech Republic, Greece, Hungary, Russia, Turkey, Egypt, Kuwait, Qatar, South Africa, Saudi Arabia, and United Arab Emirates as Emerging Markets. Morningstar Indexes reviews the market classification annually and consecutively updates the list. There is no specific tilt based on region. While the Index will contain securities from China and Russia, their weights are determined solely in accordance with their float market capitalization. As of December 31, 2025, total percentage weight of securities from China was 29% and that from Russia was 0%. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 1,469 constituents and the full market capitalization range was $307 million to $1.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Master Fund attempts to replicate the performance of the Index by investing all or substantially all of its assets in the securities that comprise the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. Emerging market issuers may not be subject to accounting, auditing, legal and financial reporting standards comparable to those in developed markets, and emerging markets generally have less diverse and less mature economic structures, as well as less stable political systems, than those of developed countries. Because the Fund seeks to track an index comprised of foreign securities, it may be more susceptible to such risks than a Fund that seeks to track an index comprised of domestic securities. When attempting to replicate the Index, portfolio turnover is typically limited to what the Index adds and deletes, contract owner contributions and withdrawals, fund of fund purchases and redemptions, and reinvestment income. The Master Fund stays aligned with the Index automatically with the change in share price, due to the close similarity between the holdings of the Index and those of the Master Fund. The Master Fund will rebalance on or about the date that the Index rebalances. The Master Fund will use to a significant degree derivative instruments, such as options, futures, and options on futures (including those relating to securities, indexes, foreign currencies and interest rates), forward contracts, swaps and hybrid instruments (typically structured notes), as a substitute for investing directly in equities, bonds and currencies in connection with its investment strategy. The Master Fund also may use such derivatives as part of a hedging strategy or for other purposes related to the management of the Master Fund. Derivatives may be entered into on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. The Master Fund also may purchase or sell securities on a forward commitment (including “TBA” (to be announced) basis). These transactions involve a commitment by the Master Fund to purchase or sell particular securities with payment and delivery taking place at a future date and permit the Master Fund to lock in a price or yield on a security it owns or intends to purchase, regardless of future changes in interest rates or market conditions. The Master Fund also may invest in derivative securities to manage cash flows and equitize dividend accruals. In addition, the Master Fund may also invest in exchange-traded funds (“ETFs”). ETFs may be used in the Master Fund to invest cash until such time as the Master Fund purchases local securities. ETFs may also be used to gain exposure to local markets that may be closed, or that are expensive or difficult to trade in local shares. The Master Fund may concentrate its investments in an industry or group of industries to the extent that the Index the Master Fund is designed to track is also so concentrated. The Master Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar® Emerging Markets Target Market Exposure Index℠ (Net) (“Index”), including depositary receipts representing securities of the Index; which may be in the form of American Depositary receipts (“ADRs”), Global Depositary receipts (“GDRs”) and European Depositary receipts (“EDRs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zu0cOQdrGfQ8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsAndLessDevelopedCountriesRiskMember_zWQhL2Nozpq4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master 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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zii9GPLMzUt8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Master Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Master Fund’s performance and increase the volatility of an investment in the Fund.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RussiaInvestmentRiskMember_zckkFVliEkF9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Russia investment risk – During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned securities. Absent sanctions prohibiting these investments, the Master Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia’s banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement Depository (“NSD”) in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Master Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Master Fund to enforce its rights or otherwise remedy the loss.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zPNWMkb0CyGd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zC3kAXCPAOV7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master Fund could decline if the financial condition of the companies the Master 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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z7wP30DkzRSl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zuuGnhcdene"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Passive investment risk – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexInvestingRiskMember_zVcJ2N9mGlt7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Index investing risk – The Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an index.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zw7SISI3pyc1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z8kxrqg3GGtk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Liquidity risk – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Master 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 Master Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions.</td></tr></table> <div id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zD70Eq3l1K67"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Master Fund may concentrate its investments in certain securities. To the extent that the Master Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Master Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zJacBAGkZHWf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master 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.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zYrfNGep9byk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master Fund to liquidity risk. This risk is enhanced in connection with OTC depositary receipts.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LicenseTerminationRiskMember_zBzpTJPAIZD1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>License termination risk – The Master Fund may rely on licenses from a third party (licensor) that permit the Master Fund to use that party’s intellectual property in connection with the Master Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Master Fund, including the need to change the investment strategy.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNWPQsnESoEf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsInvestingRiskMember_z1aXp0KAF9A4"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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 Master 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 Master Fund invests in an ETF, shareholders of the Master Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Master Fund’s fees and expenses.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForwardAndFuturesContractRiskMember_zHEWU8ii7Sqa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Master Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Master Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Master Fund may have to sell securities at a time when it may be disadvantageous to do so.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearanceAndSettlementRiskMember_zFF4eUpAWssd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Clearance and settlement risk – Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zaPrsCDMb6h9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> Performance. Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 26, 2021 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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. 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. 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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zgwsaYFntDD7"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z2uCCYejMmkb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000102953Member_zXmovegdudfb" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_zlNR4CW4flA9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">10.09%</td></tr> <tr id="xdx_413_20170101__20171231_zcFP12SCNMBh"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">36.11%</td></tr> <tr id="xdx_41A_20180101__20181231_zgKTlfyuEn42"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-15.24%</td></tr> <tr id="xdx_419_20190101__20191231_zTY5bzkz9HOc"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">17.89%</td></tr> <tr id="xdx_41D_20200101__20201231_zl0xAILON5J7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.10%</td></tr> <tr id="xdx_412_20210101__20211231_zbMGuujPgye8" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-3.50%</td></tr> <tr id="xdx_418_20220101__20221231_zKzPlRw1h3C7"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-18.97%</td></tr> <tr id="xdx_414_20230101__20231231_z2airfkzrWAk"> <td style="vertical-align: top; text-align: left">2013</td> <td style="vertical-align: middle; text-align: right">9.26%</td></tr> <tr id="xdx_41D_20240101__20241231_zSHaBrHgpJ09"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.56%</td></tr> <tr id="xdx_417_20250101__20251231_zpYpVCssUDzf"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">30.92%</td></tr> </table> <img alt="PerformanceBarChartData(2016:10.09,2017:36.11,2018:-15.24,2019:17.89,2020:17.1,2021:-3.5,2022:-18.97,2023:9.26,2024:5.56,2025:30.92)" src="jnlst485bpos105.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 18.78%; Worst Quarter (ended 3/31/2020): -23.98% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z0MXzIAEDIhi" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000102954Member_zGilIMGXUC3" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_zPoQXDfujJH8"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">10.25%</td></tr> <tr id="xdx_413_20170101__20171231_zk2yaLKvapa2"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">36.59%</td></tr> <tr id="xdx_41A_20180101__20181231_zyd9ob1w2G0h"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-15.00%</td></tr> <tr id="xdx_419_20190101__20191231_zaPk1umq13N7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">18.20%</td></tr> <tr id="xdx_41D_20200101__20201231_zYuy5TCLzZH5" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.55%</td></tr> <tr id="xdx_412_20210101__20211231_zg6owlZKVtUc" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-3.17%</td></tr> <tr id="xdx_418_20220101__20221231_zZjnMNelxvpj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-18.63%</td></tr> <tr id="xdx_414_20230101__20231231_zh5QElMw0ub9"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.63%</td></tr> <tr id="xdx_41D_20240101__20241231_zZKKQfMEpON5"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.91%</td></tr> <tr id="xdx_417_20250101__20251231_z6U9Hy2ecgG1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">31.39%</td></tr> </table> <img alt="PerformanceBarChartData(2016:10.25,2017:36.59,2018:-15,2019:18.2,2020:17.55,2021:-3.17,2022:-18.63,2023:9.63,2024:5.91,2025:31.39)" src="jnlst485bpos106.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 18.91%; Worst Quarter (ended 3/31/2020): -23.86% 0.1009 0.3611 -0.1524 0.1789 0.1710 -0.0350 -0.1897 0.0926 0.0556 0.3092 Best Quarter 2020-12-31 0.1878 Worst Quarter 2020-03-31 -0.2398 0.1025 0.3659 -0.1500 0.1820 0.1755 -0.0317 -0.1863 0.0963 0.0591 0.3139 Best Quarter 2020-12-31 0.1891 Worst Quarter 2020-03-31 -0.2386 <div id="xdx_A80_eoef--PerformanceTableTextBlock_znY0xitRa934"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zuFPd4E85qH7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zTtkkQJMyCK3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zs1QbzbXCQEk" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zz97x0k16DNj" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000102953Member_zzK8EVcB369j" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Emerging Markets Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">30.92</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.38</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.55</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsTargetMarketExposureIndexNetMember_zKvTNu2b0kCa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z9YEY3B3Cg44" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zGJb4sRVSm75" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z2sDbVrDDp12" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000102954Member_zlPDtwiof2v4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Emerging Markets Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">31.39</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.75</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsTargetMarketExposureIndexNetMember_zGhoRKofAOc4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.3092 0.0338 0.0755 (reflects no deduction for fees, expenses, or taxes) 0.3162 0.0454 0.0877 0.3139 0.0375 0.0789 0.3162 0.0454 0.0877 JNL/Mellon S&P 500 Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the S&P 500® Index 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zPKS4nV8S3Ll"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zz3SuJy9y2lb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zCHcphnoHFR8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000004634Member_zztcMrX6uMga" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zystWYjR3wpf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5to9tfM25z2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zNvPiJ5OSZhh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zhlaYi3DiOt6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.52%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000067968Member_zgdJZhwQJFNk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zc4RvRryfOaf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5inFTxbiv2k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zBUAqglGSdc9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zVlNVyw4a0y6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0010 0.0030 0.0012 0.0052 0.0010 0.0000 0.0012 0.0022 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: <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQJQuXATJ5z9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zI1AWB5Ri3nk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon S&P 500 Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zI1AWB5Rv3nk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zJSMjINEzgM8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_dn_zYyizSy2fyqg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zW0AWCanceLe" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_dn_ze3d7VEUc20j" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000004634Member_zQnGFDSnpGm2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$53</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$167</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$291</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$653</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon S&P 500 Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zVCDPtqVbm2g" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_dn_zk5bESqkDCM1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zn0izesv5L3a" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_dn_zhELBPYJQUDl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000067968Member_zDUzZrWK0tui" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$23</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$71</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$124</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$280</td></tr> </table> 53 167 291 653 23 71 124 280 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.03 Principal Investment Strategies. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P 500® Index (“Index”) in proportion to their market capitalization weighting in the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range of the Index is $3.6 billion to $4.6 trillion. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment income. The replicated portfolio does not require rebalancing as a result of market movement. The Fund is managed to reflect the composition of the Index and will rebalance as needed to reflect changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P 500® Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A86_eoef--BarChartTableTextBlock_zebVN6jZjF66"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004634Member_zDSmlyrdHaSg" style="vertical-align: middle; text-align: right">11.37%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004634Member_z8aHtKGwpW41" style="vertical-align: middle; text-align: right">21.16%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004634Member_ze7FfQapTeMj" style="vertical-align: middle; text-align: right">-4.88%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004634Member_zBfFVo4J8qRj" style="vertical-align: middle; text-align: right">30.83%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004634Member_zIwoPdk7oVLk" style="text-align: right">17.78%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004634Member_zSvIZ4uLr7ig" style="text-align: right">28.09%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004634Member_z5w2zx1IZyr9" style="vertical-align: middle; text-align: right">-18.53%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004634Member_zjSQPWdQAfjb" style="vertical-align: middle; text-align: right">25.67%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004634Member_zSPWVZ9v40Ul" style="vertical-align: middle; text-align: right">24.39%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004634Member_zWFeau7e8rpl" style="vertical-align: middle; text-align: right">17.28%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.37,2017:21.16,2018:-4.88,2019:30.83,2020:17.78,2021:28.09,2022:-18.53,2023:25.67,2024:24.39,2025:17.28)" src="jnlst485bpos107.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.40%; Worst Quarter (ended 3/31/2020): -19.73% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067968Member_z06wWUAtUmOd" style="vertical-align: middle; text-align: right">11.56%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067968Member_z191FcVSmJBh" style="vertical-align: middle; text-align: right">21.49%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067968Member_zWiVeEnIUBib" style="vertical-align: middle; text-align: right">-4.61%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067968Member_zu0oWZFUNKb2" style="vertical-align: middle; text-align: right">31.26%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067968Member_zXKfi6pYhIFh" style="text-align: right">18.11%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067968Member_zdFcgxdPc7K8" style="text-align: right">28.45%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067968Member_zX4quwCeXttk" style="vertical-align: middle; text-align: right">-18.28%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067968Member_z1pkpikItmt5" style="vertical-align: middle; text-align: right">26.06%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067968Member_zJRA7jqTDnAc" style="vertical-align: middle; text-align: right">24.77%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067968Member_zfj6ot9LrBA6" style="vertical-align: middle; text-align: right">17.62%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.56,2017:21.49,2018:-4.61,2019:31.26,2020:18.11,2021:28.45,2022:-18.28,2023:26.06,2024:24.77,2025:17.62)" src="jnlst485bpos108.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.55%; Worst Quarter (ended 3/31/2020): -19.72% 0.1137 0.2116 -0.0488 0.3083 0.1778 0.2809 -0.1853 0.2567 0.2439 0.1728 Best Quarter 2020-06-30 0.2040 Worst Quarter 2020-03-31 -0.1973 0.1156 0.2149 -0.0461 0.3126 0.1811 0.2845 -0.1828 0.2606 0.2477 0.1762 Best Quarter 2020-06-30 0.2055 Worst Quarter 2020-03-31 -0.1972 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zI8gXmUoCbOg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zh9r9Vo8GQ1l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_495_20250101__20251231_zwzexGhJDKol" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zrvuiC9loZB2" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49F_20160101__20251231_zHwTmT40DlCf" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004634Member_zxQjKRoJfjx5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon S&P 500 Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.28</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.86</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zWZAIWheM0b3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_495_20250101__20251231_zU5SDkEAj27i" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zjkEBOmzFh7d" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49F_20160101__20251231_zi1vGHnMHwKg" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067968Member_zw7VpqsY09Ci" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon S&P 500 Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.20</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zdndVNdVE2D" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1728 0.1386 0.1424 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1762 0.1420 0.1456 0.1788 0.1442 0.1482 JNL/Mellon S&P 400 MidCap Index Fund Class A Class I Investment Objective. The investment objective of the Fund (“Fund” or “Feeder Fund”) is to track the performance of the S&P MidCap 400® Index to provide long-term capital growth by investing in equity securities of medium capitalization-weighted domestic corporations through exclusive investment in shares of the JNL Mid Cap Index Fund (“Master Fund”). 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_ziZuaMZd6Qxb"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z13DVP7RysVb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_ziqHQKbmEGU7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000004635Member_zSkxwO344un2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zeMwmGwchrPk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHZcKPYbCHT5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z68Ekg2vKRS2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zAAnITLeDt71" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zwgTHlDoaHT5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zOv1GmuQKyke" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000067969Member_zY9Mhrnx37j2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_z7vQj4zkTWjd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmz9reesOG34" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zkjuFxPQ4nCa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_z8tAEDtHX43i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zVTLV6HGI3Ok" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zYxs0g3YdQbd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0034 0.0030 0.0012 0.0076 -0.0020 0.0056 0.0034 0.0000 0.0012 0.0046 -0.0020 0.0026 Expense Example. (1) 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVOXdoaT5V09"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9j2OAvWercf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon S&P 400 MidCap Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_z1QeryArv6s5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z03WXSmdmtWa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zL0GyASkyWck" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zOnID6avEeNb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000004635Member_zWYEfq4Hpu6h" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$223</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$403</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$924</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon S&P 400 MidCap Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_zAZfeHBcr04j" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zqPI4giIfGqk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zot5XmYW6Bsf" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zOml3iySNsV5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000067969Member_zMDfinTnuXBa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$127</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$238</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$560</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 57 223 403 924 27 127 238 560 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.15 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class I shares of the Master Fund. The Master Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P MidCap 400® Index (“Index”) in proportion to their market capitalization weighting in the Index. The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Master Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range of the Index is $1.2 billion to $33.6 billion. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long term. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment of income. The replicated portfolio does not require rebalancing as a result of market movement. It is rebalanced automatically with the change in share prices of the securities owned. The Master Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Master Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Master Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Master Fund’s objective. The Master Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Master Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P MidCap 400® Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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 Master Fund could decline if the financial condition of the companies the Master 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. License termination risk – The Master Fund may rely on licenses from a third party (licensor) that permit the Master Fund to use that party’s intellectual property in connection with the Master Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Master Fund, including the need to change the investment strategy. 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. 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 Master 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 Master Fund invests in an ETF, shareholders of the Master Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Master Fund’s fees and expenses. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Index investing risk – The Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an index. Large-capitalization investing risk – Large-capitalization stocks as a group could fall out of favor with the market, which may cause the Master Fund to underperform funds that focus on other types of stocks. Passive investment risk – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Performance. Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 26, 2021 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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 27, 2020, the Fund was combined with JNL/S&P Mid 3 Fund (the “Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zeods5O0dGQ"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004635Member_zJUAnC7cvok4" style="vertical-align: middle; text-align: right">20.12%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004635Member_z2Y1stc5lOAa" style="vertical-align: middle; text-align: right">15.67%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004635Member_ziV8uUYEmbBb" style="vertical-align: middle; text-align: right">-11.60%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004635Member_zUAPC19dvrlf" style="vertical-align: middle; text-align: right">25.59%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004635Member_zneyurv3iFB7" style="text-align: right">12.99%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004635Member_zFpbWi3tBGha" style="text-align: right">24.13%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004635Member_zfHQ0OkZYCUb" style="vertical-align: middle; text-align: right">-13.54%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004635Member_zcBeFxjmJOKb" style="vertical-align: middle; text-align: right">15.81%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004635Member_zR6yxtxp9563" style="vertical-align: middle; text-align: right">13.34%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004635Member_zmObVDDMJJG4" style="vertical-align: middle; text-align: right">6.09%</td></tr> </table> <img alt="PerformanceBarChartData(2016:20.12,2017:15.67,2018:-11.6,2019:25.59,2020:12.99,2021:24.13,2022:-13.54,2023:15.81,2024:13.34,2025:6.9)" src="jnlst485bpos109.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 24.21%; Worst Quarter (ended 3/31/2020): -29.80% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067969Member_zikpZB2YVpTd" style="vertical-align: middle; text-align: right">20.34%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067969Member_zOjP7vWeJpc9" style="vertical-align: middle; text-align: right">15.88%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067969Member_z32ZknKzvC14" style="vertical-align: middle; text-align: right">-11.27%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067969Member_zsgWkSGLessf" style="vertical-align: middle; text-align: right">25.88%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067969Member_zai2hqW8sDke" style="text-align: right">13.34%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067969Member_zmZiY5x48v8l" style="text-align: right">24.54%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067969Member_zHddt1fnoRGj" style="vertical-align: middle; text-align: right">-13.27%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067969Member_z81sjvruRWC7" style="vertical-align: middle; text-align: right">16.12%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067969Member_z5cpm26ovz4e" style="vertical-align: middle; text-align: right">13.67%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067969Member_zCDRLEBOPaNh" style="vertical-align: middle; text-align: right">7.26%</td></tr> </table> <img alt="PerformanceBarChartData(2016:20.34,2017:15.88,2018:-11.27,2019:25.88,2020:13.34,2021:24.54,2022:-13.27,2023:16.12,2024:13.67,2025:7.26)" src="jnlst485bpos110.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 24.31%; Worst Quarter (ended 3/31/2020): -29.73% 0.2012 0.1567 -0.1160 0.2559 0.1299 0.2413 -0.1354 0.1581 0.1334 0.0609 Best Quarter 2020-12-31 0.2421 Worst Quarter 2020-03-31 -0.2980 0.2034 0.1588 -0.1127 0.2588 0.1334 0.2454 -0.1327 0.1612 0.1367 0.0726 Best Quarter 2020-12-31 0.2431 Worst Quarter 2020-03-31 -0.2973 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zNLiPZrYNVG2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zU9dKeOSVn2j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_497_20250101__20251231_zi9lUpPt2dV8" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20210101__20251231_zRtOuqc3owL2" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20160101__20251231_zPyOS9lricP2" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004635Member_zjOtq7k1DSsc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon S&P 400 MidCap Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.90</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.53</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.13</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z9QJMS2oy4N2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPMidCap400IndexMember_zohcbZcwULTl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_497_20250101__20251231_z2XjYwpyUomf" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20210101__20251231_ziaIQr4LRMOa" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20160101__20251231_zBFFKV8WB4oe" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067969Member_zivlgU430vPe" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon S&P 400 MidCap Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.26</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.44</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zRtqWLxnOJF4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPMidCap400IndexMember_zy900EnCpAv5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0690 0.0853 0.1013 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0750 0.0912 0.1072 0.0726 0.0887 0.1044 0.1721 0.1313 0.1431 0.0750 0.0912 0.1072 JNL/Mellon Small Cap Index Fund Class A Class I Investment Objective. The investment objective of the Fund (“Fund” or “Feeder Fund”) is to track the performance of the S&P SmallCap 600® Index to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies through exclusive investment in shares of the JNL Small Cap Index Fund (“Master Fund”). 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_znwFP8gyJBW6"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_ziTVpyJaObEa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zm4wKHfVHm2a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004636Member_zdfQOrzGZNZ2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_znv3eNkA3JD" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBctEWUhfLZk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zUfhZHSZLNT" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zOz5ZCrg12r7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zVKAvQHyjVl3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zCqft1qIDrtf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.56%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000067970Member_zVI6VTVHJQb1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zDXSjykznTz1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6um2dv7Zkp5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zdfIlK3a1VR6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_za03cP97im9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zFr3fXYzgQQ6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zNsWAkpZZ6L7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0034 0.0030 0.0012 0.0076 -0.0020 0.0056 0.0034 0.0000 0.0012 0.0046 -0.0020 0.0026 Expense Example. (1) 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: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zdjZooNQwJCl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zWRjckSULAgl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Small Cap Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zwVZ2kN5eKY1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_zFRKULZE1iDd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zZgyW427dlDi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zDsd0FPIHQ8h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000004636Member_z9VuEM47daF3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$223</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$403</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$924</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Small Cap Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_z9IrLhyhkmv3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_za4Oxlalnp8j" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zzN4Ge1upxQ4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zT0hIYpMMLS3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000067970Member_z5mnby2B9Vw8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$127</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$238</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$560</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 57 223 403 924 27 127 238 560 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">36</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.36 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class I shares of the Master Fund. The Master Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the S&P SmallCap 600® Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index is a quarterly-rebalanced, float-adjusted market cap weighted index comprised of approximately 600 U.S. common equities and REITs that meet the index provider’s criteria for market capitalization, public float, financial viability, liquidity, price reasonableness, and sector representation. The Index may invest across all GICS sectors and may include investments in financial services companies. The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Master Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range for the Index was $261.7 million to $9.3 billion. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment of income. The replicated portfolio does not require rebalancing as a result of market movement. It is rebalanced automatically with the change in share prices of the securities owned. The Master Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Master Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Master Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Master Fund’s objective. The Master Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Master Fund may lend its securities to increase its income. The Master Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the S&P SmallCap 600® Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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 Master Fund could decline if the financial condition of the companies the Master 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. 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. License termination risk – The Master Fund may rely on licenses from a third party (licensor) that permit the Master Fund to use that party’s intellectual property in connection with the Master Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Master Fund, including the need to change the investment strategy. 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. 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 Master 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 Master Fund invests in an ETF, shareholders of the Master Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Master Fund’s fees and expenses. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Performance. Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 26, 2021 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_z35SjHWwNRV6"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004636Member_zoF0R2jlLOgg" style="vertical-align: middle; text-align: right">25.87%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004636Member_zI26TmJpuMHb" style="vertical-align: middle; text-align: right">12.83%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004636Member_z83WgE0giFI1" style="vertical-align: middle; text-align: right">-8.92%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004636Member_z1s8ZXajlazl" style="vertical-align: middle; text-align: right">22.23%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004636Member_zF1zi8MAhm38" style="text-align: right">10.81%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004636Member_zsbkWHRNjAvh" style="text-align: right">26.12%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004636Member_zzvR1Zl7u6nc" style="vertical-align: middle; text-align: right">-16.64%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004636Member_zLQ6ZWLPEqSi" style="vertical-align: middle; text-align: right">15.57%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004636Member_zn8Z6giMZOQ" style="vertical-align: middle; text-align: right">8.03%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004636Member_zA7U19l1Lzl4" style="vertical-align: middle; text-align: right">5.57%</td></tr> </table> <img alt="PerformanceBarChartData(2016:25.87,2017:12.83,2018:-8.92,2019:22.23,2020:10.81,2021:26.12,2022:-16.64,2023:15.57,2024:8.03,2025:5.57)" src="jnlst485bpos111.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 31.17%; Worst Quarter (ended 3/31/2020): -32.74% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067970Member_zfxs5ttSp1L1" style="vertical-align: middle; text-align: right">26.13%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067970Member_zT4evoXDgXN6" style="vertical-align: middle; text-align: right">13.08%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067970Member_zXyK1j3LOGa4" style="vertical-align: middle; text-align: right">-8.66%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067970Member_zryxV344wi8b" style="vertical-align: middle; text-align: right">22.58%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067970Member_z3uYf12VRmac" style="text-align: right">11.16%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067970Member_z7s4RqSnkrx" style="text-align: right">26.47%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067970Member_zPjpAN4Yce6i" style="vertical-align: middle; text-align: right">-16.38%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067970Member_zn4eCQ2ag1o6" style="vertical-align: middle; text-align: right">15.92%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067970Member_zMtM8N1OnuK8" style="vertical-align: middle; text-align: right">8.34%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067970Member_zTUr1g5Cm35e" style="vertical-align: middle; text-align: right">5.90%</td></tr> </table> <img alt="PerformanceBarChartData(2016:26.13,2017:13.08,2018:-8.66,2019:22.58,2020:11.16,2021:26.47,2022:-16.38,2023:15.92,2024:8.34,2025:5.9)" src="jnlst485bpos112.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 31.26%; Worst Quarter (ended 3/31/2020): -32.68% 0.2587 0.1283 -0.0892 0.2223 0.1081 0.2612 -0.1664 0.1557 0.0803 0.0557 Best Quarter 2020-12-31 0.3117 Worst Quarter 2020-03-31 -0.3274 0.2613 0.1308 -0.0866 0.2258 0.1116 0.2647 -0.1638 0.1592 0.0834 0.0590 Best Quarter 2020-12-31 0.3126 Worst Quarter 2020-03-31 -0.3268 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zBtn2zurCZ3k"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zsmxPglVWAgi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_zmTMuEkTS2Nf" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zt4ZWgeQF1uk" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20160101__20251231_ze9ci76RcqRa" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004636Member_zrEr5EG6j28k" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Small Cap Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.57</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.74</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zomfc1PdqhDb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPSmallCap600IndexMember_zmkHQ6nDrjV6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P SmallCap 600 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.31</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.81</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_zT0Ukh7m90V1" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zKdkL6UvfUib" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_491_20160101__20251231_zoR40i6wlAYf" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067970Member_zc0X9jKP833e" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Small Cap Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.90</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.06</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zKxUnRJOvz8g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPSmallCap600IndexMember_zRHhQMQ45oo" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P SmallCap 600 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.31</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.81</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0557 0.0674 0.0927 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0602 0.0731 0.0981 0.0590 0.0706 0.0958 0.1721 0.1313 0.1431 0.0602 0.0731 0.0981 JNL/Mellon International Index Fund Class A Class I Investment Objective. The investment objective of the Fund (“Fund” or “Feeder Fund”) is to track the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (Net) (“Index”) to provide long-term capital growth by investing in international equity securities through exclusive investment in shares of the JNL International Index Fund (“Master Fund”). 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zWGhNB8BZgJ5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zGCf0VPfps26"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zSaoX1H7dBBh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004637Member_zxKIC0ZV0ppb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zmtz0gpe1MY4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQOSOTcAhkY7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zIojJZ1a93Q" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zibi5imgeESb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.81%</td></tr> <tr id="xdx_401_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zp91TAkcXChl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zDH0PXSYCxib" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000067971Member_z0D4xbvUXZu3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zRdPmoLI7yre" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_z09z5e9TkZxe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zrT01NhZHUB7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zrnH6juA7rw4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.51%</td></tr> <tr id="xdx_401_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_ztWN6Vm3r89e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zSYMwDtAfEfa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.31%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0035 0.0030 0.0016 0.0081 -0.0020 0.0061 0.0035 0.0000 0.0016 0.0051 -0.0020 0.0031 Expense Example.(1) 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zZxGHWewHcvc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zx6L61N8Xtxd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon International Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zxFuqRVMPw7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zv11t6EWc1rh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_z2xSFyisKUJg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_za8XsPhxnZog" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000004637Member_zczPqHptxo45" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$239</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$430</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$983</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon International Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zZH6umGHjkO1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zsXHHUiDS8se" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_znVgblCH32o3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zCtHeZFYXzVi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000067971Member_zbSEAxlddgJ" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$143</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$621</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 62 239 430 983 32 143 265 621 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.15 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class I shares of the Master Fund. The Master Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Index or derivative securities economically related to the Index. The Master Fund seeks to track the performance and characteristics of the Index, a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. As of December 31, 2025, the Index included equities listed in Austria, Australia, Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, Great Britain, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, Norway, New Zealand, Poland, Portugal, Sweden, Singapore, and the U.S. (non-U.S. entities that are listed in the U.S.). The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 650 constituents and the full market capitalization range was $463 million to $420 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. To implement this strategy, the Master Fund may invest up to 50% of its net asset value in financial futures, a type of derivative, to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Master Fund’s objective. In addition, the Master Fund may use foreign currency forward contracts, a type of derivative, to maintain the approximate currency exposure of the Index. The Master Fund’s use of financial futures and foreign currency forward contracts is intended to assist replicating the investment performance of the Index. The Master Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its Index, to assist with Index rebalances, and to meet redemption or purchase requests. The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long term. The Master Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Master Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Index or derivative securities economically related to the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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 Master Fund could decline if the financial condition of the companies the Master 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. License termination risk – The Master Fund may rely on licenses from a third party (licensor) that permit the Master Fund to use that party’s intellectual property in connection with the Master Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Master Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Master Fund, including the need to change the investment strategy. 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. 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 Master 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 Master Fund invests in an ETF, shareholders of the Master Fund bear their proportionate share of the ETF’s fees and expenses as well as their share of the Master Fund’s fees and expenses. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Master Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Master Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Master Fund may have to sell securities at a time when it may be disadvantageous to do so. Passive investment risk – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Asian investment risk – Investing in Asia involves many of the same risks as investing in foreign securities. In addition, since Asia includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Performance. Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 26, 2021 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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. 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 26, 2021, the Fund was combined with JNL/Goldman Sachs International 5 Fund, JNL/RAFI® Fundamental Asia Developed Fund, JNL/RAFI® Fundamental Europe Fund, and JNL/Vanguard International Stock Index Fund (“Acquired Funds”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Funds. Effective April 28, 2025, the Fund was combined with the JNL/Baillie Gifford International Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A85_eoef--BarChartTableTextBlock_zlCSi7fwNngd"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004637Member_zqzrEuzpggm9" style="vertical-align: middle; text-align: right">0.80%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004637Member_zW4CMb2alWEb" style="vertical-align: middle; text-align: right">25.03%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004637Member_zc1NoP8STsVe" style="vertical-align: middle; text-align: right">-13.91%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004637Member_zAKeP7zFoma7" style="vertical-align: middle; text-align: right">21.21%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004637Member_zzmHrTRQL7l2" style="text-align: right">7.70%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004637Member_zpe4YwYHjAQ8" style="text-align: right">10.47%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004637Member_zwuQbszMcT1e" style="vertical-align: middle; text-align: right">-14.20%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004637Member_zhrSrlz3tjg8" style="vertical-align: middle; text-align: right">17.21%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004637Member_zZkGIiI3Qz19" style="vertical-align: middle; text-align: right">2.92%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004637Member_zJKpkkZRM5s9" style="vertical-align: middle; text-align: right">31.50%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.8,2017:25.03,2018:-13.91,2019:21.21,2020:7.7,2021:10.47,2022:-14.2,2023:17.21,2024:2.92,2025:31.5)" src="jnlst485bpos113.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 18.52%; Worst Quarter (ended 3/31/2020): -22.97% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067971Member_zdMBLfzEmIe8" style="vertical-align: middle; text-align: right">0.94%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067971Member_zlEdm3uEfD51" style="vertical-align: middle; text-align: right">25.45%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067971Member_zsrSgIJGtA31" style="vertical-align: middle; text-align: right">-13.66%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067971Member_zItu6VTB2Ajk" style="vertical-align: middle; text-align: right">21.57%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067971Member_zg5mgOEaXiF4" style="text-align: right">8.02%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067971Member_z4ufGcL88Jod" style="text-align: right">10.79%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067971Member_zYnx6HFe9vDe" style="vertical-align: middle; text-align: right">-13.91%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067971Member_zqfcm0jU5fpb" style="vertical-align: middle; text-align: right">17.57%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067971Member_zt2WC56lIeJ9" style="vertical-align: middle; text-align: right">3.26%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067971Member_zBnmdFbWOmb3" style="vertical-align: middle; text-align: right">31.86%</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.94,2017:25.45,2018:-13.66,2019:21.57,2020:8.02,2021:10.79,2022:-13.91,2023:17.57,2024:3.26,2025:31.86)" src="jnlst485bpos114.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 18.59%; Worst Quarter (ended 3/31/2020): -22.92% 0.0080 0.2503 -0.1391 0.2121 0.0770 0.1047 -0.1420 0.1721 0.0292 0.3150 Best Quarter 2022-12-31 0.1852 Worst Quarter 2020-03-31 -0.2297 0.0094 0.2545 -0.1366 0.2157 0.0802 0.1079 -0.1391 0.1757 0.0326 0.3186 Best Quarter 2022-12-31 0.1859 Worst Quarter 2020-03-31 -0.2292 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zJp0kyFjDumi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zOpEouwGIgg2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_zY6FQjcXvlo3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zGyEmh5gjlJd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zyMEtZNcJVp8" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004637Member_z8S0qSJcVcue" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon International Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">31.50</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zfIkPNv3jamd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_492_20250101__20251231_zo6ugCmE4P8c" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zUbpAELIftzh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zf7YnX9636Ee" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067971Member_zTL0mg31Rnkg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon International Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">31.86</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.17</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zRyuCjOD5nJh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.3150 0.0850 0.0785 (reflects no deduction for fees, expenses, or taxes) 0.3161 0.0900 0.0827 0.3186 0.0883 0.0817 0.3161 0.0900 0.0827 JNL/Mellon Bond Index Fund Class A Class I Investment Objective. The investment objective of the Fund (“Fund” or “Feeder Fund”) is to track the performance of the Bloomberg® U.S. Aggregate Index to provide a moderate rate of income by investing in domestic fixed-income investments through exclusive investment in shares of the JNL Bond Index Fund (“Master Fund”). 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zsCFSXpq3Sp9"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zamwNF9SG9u8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zMUSuUfOKena" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000004638Member_zn0IOMxs7n82" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A1</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zsur1GMiMFUl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbhld39mg9Xd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_z7y9SbbuHgR8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zsTBIgpKT7Nj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zyPlgIKk1exc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.78%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_znqVi76WmHmg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_zkevQGUd6hmj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.58%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000067972Member_zhlChlboscNf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I1</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zeyocMM9xdwj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPb3h2AQV2Te" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zl59S7fzGX1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.11%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zGVeL8xfDgzf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_405_eoef--ExpensesOverAssets_dpn_zWQasGmKRz9k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.48%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z1W31JgR2RMd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dpn_z3oE7hlddqS4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.28%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">The fee table and the example reflect the expenses of both the Fund and the Master Fund.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">4</td> <td style="vertical-align: bottom">JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver.</td></tr> </table> 0.0036 0.0030 0.0011 0.0001 0.0078 -0.0020 0.0058 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. 0.0036 0.0000 0.0011 0.0001 0.0048 -0.0020 0.0028 Expense Example.(1) 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyDGgLt85Fzh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zXnqgMcSSx2a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Bond Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_dn_zgPn0kpn0Jw8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_dn_zKLegGNSBdL6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zmt9ymLIdIx" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_dn_z2DCl2f8F6J7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000004638Member_z5FyxpSRlEQb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$229</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$414</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$947</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Bond Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_dn_zc5eDDfIZPNi" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_dn_zjOjABOj6XKl" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zvGeXzVTwLxa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear10_dn_zuTt6WvoXX23" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000067972Member_z2zV98QZkvid" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$134</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$249</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$584</td></tr> </table> (1) The example reflects the aggregate expenses of both the Fund and the Master Fund. 59 229 414 947 29 134 249 584 Portfolio Turnover (% of average value of portfolio). The Fund, which operates as a “feeder fund,” does not pay transaction costs, such as commissions, when it buys and sells shares of the Master Fund (or “turns over” its portfolio). The Master 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 and Master Fund’s performance. The following table shows the Master Fund’s portfolio turnover rate during the most recent fiscal year. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Master Fund</td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.88 Principal Investment Strategies. The Fund operates as a “feeder fund” and seeks to achieve its goal by investing all of its assets in Class I shares of the Master Fund. The Master Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income securities that seek to track the performance and characteristics of the Bloomberg U.S. Aggregate Index (“Index”) that Mellon Investments Corporation (“Mellon” or “Master Fund’s Sub-Adviser”) believes to be important, such as Option Adjusted Duration, Maturity, Average Quality Rating, Sector/Industries, and Yield to worst. The Index includes Treasuries, government-related credit, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage backed securities (agency and non-agency). Research and experience indicate that it is impractical to attempt to fully replicate most broad fixed-income securities market indices. The Index includes thousands of issues, many of which may be illiquid and unavailable in the secondary markets. Additionally, reinvestment of cash flows would be costly in a full replication environment, as it would entail trading many issues in uneven amounts. Given these difficulties, the Master Fund’s Sub-Adviser utilizes a representative sampling approach that combines analysis and the experience and judgment of its investment professionals. Through the representative sampling approach, the Master Fund’s Sub-Adviser selects what it believes is a representative basket of securities in order to match the important risk characteristics of the Index. Given this fixed income index cannot be fully replicated, the Master fund uses a representative sampling approach to select bonds that match the important risk characteristics of the Index. The Master Fund’s holdings are rebalanced on a monthly basis to reflect changes in the composition of the Index. The Master Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Master Fund does not employ traditional methods of active investment management, such as actively buying and selling bonds based upon interest rate bets or sector rotation. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long-term. The Master Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income securities that seek to track the performance and characteristics of the Bloomberg U.S. Aggregate Index (“Index”) that Mellon Investments Corporation (“Mellon” or “Master Fund’s Sub-Adviser”) believes to be important, such as Option Adjusted Duration, Maturity, Average Quality Rating, Sector/Industries, and Yield to worst. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Master Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. Passive investment risk – The Master Fund is not actively managed. Unlike with an actively managed fund, the Master Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Master Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Master Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Master Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Master Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Master Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Master Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Master Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Master Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Master Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Master Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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 Master 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. 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. Performance. Prior to April 26, 2021, the Fund was managed by JNAM and implemented its investment strategy directly through a sub-adviser. Effective April 26, 2021, the Fund operates as a “feeder fund” of the Master Fund. Performance prior to April 26, 2021 reflects the Fund’s results when its investment strategy was implemented by a sub-adviser rather than via investment in the Master Fund. 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. 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 26, 2021, the Fund was combined with JNL/Vanguard Global Bond Market Index Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A89_eoef--BarChartTableTextBlock_zFFM73hNICk7"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004638Member_zMKg6XFqtugb" style="vertical-align: middle; text-align: right">1.92%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004638Member_zUcxGU67OMpb" style="vertical-align: middle; text-align: right">3.02%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004638Member_z3KBxhrjtn14" style="vertical-align: middle; text-align: right">-0.57%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004638Member_zdKhGap4BOc3" style="vertical-align: middle; text-align: right">7.93%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004638Member_zuXwTVl1R013" style="text-align: right">7.05%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004638Member_zhb9vAYIh1fk" style="text-align: right">-2.17%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004638Member_zSzXdKFpxwz2" style="vertical-align: middle; text-align: right">-13.54%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004638Member_zOIMSSbKI9da" style="vertical-align: middle; text-align: right">4.95%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004638Member_zWflDcjCeTRi" style="vertical-align: middle; text-align: right">0.70%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004638Member_zsNvqX2ndkMj" style="vertical-align: middle; text-align: right">6.67%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.92,2017:3.02,2018:-0.57,2019:7.93,2020:7.05,2021:-2.17,2022:-13.54,2023:4.95,2024:0.7,2025:6.67)" src="jnlst485bpos115.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.60%; Worst Quarter (ended 3/31/2022): -6.02% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067972Member_zPvKIj9y47de" style="vertical-align: middle; text-align: right">2.10%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067972Member_zdIkeHzlmDVc" style="vertical-align: middle; text-align: right">3.28%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067972Member_zCjihIOnQl1k" style="vertical-align: middle; text-align: right">-0.28%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067972Member_zGnIoLmuQrY5" style="vertical-align: middle; text-align: right">8.37%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067972Member_z1btzm4xQdT1" style="text-align: right">7.26%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067972Member_zCXgfF1pYNn5" style="text-align: right">-1.79%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067972Member_zPQpMETyV9R9" style="vertical-align: middle; text-align: right">-13.26%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067972Member_zBFQYAhHXeR9" style="vertical-align: middle; text-align: right">5.24%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067972Member_z4UdDXzrpPs3" style="vertical-align: middle; text-align: right">1.00%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067972Member_z2nwPekphPf2" style="vertical-align: middle; text-align: right">6.98%</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.1,2017:3.28,2018:-0.28,2019:8.37,2020:7.26,2021:-1.79,2022:-13.26,2023:5.24,2024:1,2025:6.98)" src="jnlst485bpos116.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.64%; Worst Quarter (ended 3/31/2022): -5.91% 0.0192 0.0302 -0.0057 0.0793 0.0705 -0.0217 -0.1354 0.0495 0.0070 0.0667 Best Quarter 2023-12-31 0.0660 Worst Quarter 2022-03-31 -0.0602 0.0210 0.0328 -0.0028 0.0837 0.0726 -0.0179 -0.1326 0.0524 0.0100 0.0698 Best Quarter 2023-12-31 0.0664 Worst Quarter 2022-03-31 -0.0591 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_zyKis487DvMj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zJPq6JTaRFBh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49F_20250101__20251231_zUHzqFTXNzQl" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zyk0eMDMRFvd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20160101__20251231_zL4W2qe3BXtl" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004638Member_zA3ZdmG1advj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Bond Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.67</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zKT0lu16oDOk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49F_20250101__20251231_zW3hR8kl9gib" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_z1t9JMzwnkna" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20160101__20251231_zePYxPUXKSne" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067972Member_zm0a8N4V62Lf" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Bond Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.98</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">1.70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zyXYc5r13KY" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0667 -0.0095 0.0141 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0698 -0.0063 0.0170 0.0730 -0.0036 0.0201 JNL/Mellon U.S. Stock Market Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the Morningstar® US Market IndexSM to provide long-term capital appreciation. 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. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zqB4vPJWzyA4"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zD0BSpxR14Jc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_ziESEc4Kdi36" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000192074Member_z56O0EK36yn9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zCkjE3P4kdo7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zESqX0XfyT94" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zA6K9eMDM80k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zjE88vyCqBd1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192075Member_zqFca2s0byWd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zQFjRFE8JBmd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zyfzOqC2BXm9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_402_eoef--OtherExpensesOverAssets_dpn_zoyzGrucYzg2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zDvB7hHEsrha" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.31%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0016 0.0030 0.0015 0.0061 0.0016 0.0000 0.0015 0.0031 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zH5hP9UO5Z66"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_ztVb1Q7UR6f7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon U.S. Stock Market Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_znYDU8nfpiJk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_dn_zQLQPtwAJ2Gc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zzppGpAmGWpb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_z1p3lJ5q5R65" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000192074Member_zj9twSNDaMr7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$195</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$340</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$762</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon U.S. Stock Market Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zwcxmGH9ZKFk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_dn_zo49aOfE4Sx" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zVz0qHnCMLv" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zN1i3rUl4F5i" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000192075Member_zsZt4wlOTLIf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$100</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$174</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$393</td></tr> </table> 62 195 340 762 32 100 174 393 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.02 Principal Investment Strategies. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® US Market IndexSM (“Index”). The Index is comprised of stocks of small, medium, and large capitalization. The Index measures the performance of U.S. securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 1,173 constituents and the full market capitalization range was $504 million to $4.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long term. The Fund is managed to reflect the composition of the Index and will rebalance as needed to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may invest in exchange-traded funds (“ETFs”) to assist with Fund rebalances and to meet redemption or purchase requests. Mellon Investments Corporation, the Fund’s sub-adviser (“Sub-Adviser”), uses a “passive” or “indexing” approach to try to achieve the Fund’s investment objective. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® US Market IndexSM (“Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Performance prior to April 26, 2021 reflects the Fund’s results when the Fund did not have a sub-adviser and operated as a fund-of-funds. 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 26, 2021, the Fund was combined with JNL/Goldman Sachs Competitive Advantage Fund, JNL/Goldman Sachs Dividend Income & Growth Fund, JNL/Goldman Sachs Intrinsic Value Fund, and JNL/Goldman Sachs Total Yield Fund (“Acquired Funds”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Funds. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zGdHHf2AqEGe"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192074Member_zR8slHG2KA4d" style="vertical-align: middle; text-align: right">-5.79%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192074Member_znr1SHLHrxO6" style="vertical-align: middle; text-align: right">30.13%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192074Member_zNk7FP6BH6Jk" style="text-align: right">20.18%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192074Member_zt11pSEJYQxa" style="text-align: right">25.35%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192074Member_zbp6WgAAXBae" style="text-align: right">-19.92%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192074Member_zyuFUyTNUTa" style="text-align: right">25.76%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192074Member_z1FhwzNWp934" style="text-align: right">23.39%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192074Member_zRjF0up8cjee" style="text-align: right">16.64%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.79,2019:30.13,2020:20.18,2021:25.35,2022:-19.92,2023:25.76,2024:23.39,2025:16.64)" src="jnlst485bpos117.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 22.01%; Worst Quarter (ended 3/31/2020): -21.10% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192075Member_zzKlLZ0Ot36" style="vertical-align: middle; text-align: right">-5.41%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192075Member_zL8C6K4U1i74" style="vertical-align: middle; text-align: right">30.47%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192075Member_zm7QeQapHW5l" style="text-align: right">20.63%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192075Member_z9hss0bYt1o9" style="text-align: right">25.63%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192075Member_z6e7lHDdD6dk" style="text-align: right">-19.65%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192075Member_zakHOz4Gb9N4" style="text-align: right">26.13%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192075Member_zNc1erHcFtYd" style="text-align: right">23.77%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192075Member_zGUKpEJlhjvg" style="text-align: right">16.98%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.41,2019:30.47,2020:20.63,2021:25.63,2022:-19.65,2023:26.13,2024:23.77,2025:16.98)" src="jnlst485bpos118.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 22.11%; Worst Quarter (ended 3/31/2020): -21.01% -0.0579 0.3013 0.2018 0.2535 -0.1992 0.2576 0.2339 0.1664 Best Quarter 2020-06-30 0.2201 Worst Quarter 2020-03-31 -0.2110 -0.0541 0.3047 0.2063 0.2563 -0.1965 0.2613 0.2377 0.1698 Best Quarter 2020-06-30 0.2211 Worst Quarter 2020-03-31 -0.2101 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zhMhRjImhYqj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVa6XZuRnuH5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zQDyPMWKGh98"> </td> <td> </td> <td id="xdx_490_20210101__20251231_zc8I3VzYMe0k"> </td> <td> </td> <td colspan="2" id="xdx_49F_20170925__20251231_zZ4djEIIb3E9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192074Member_zpjbZ7DFNgz2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon U.S. Stock Market Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">16.64</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">12.68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">13.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zIouEtADnRx5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketIndexMember_zLtxfZvoyWm7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.29</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.29</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zvytzCLn6Pb3"> </td> <td> </td> <td id="xdx_498_20210101__20251231_zngGt6Ehtfm5"> </td> <td> </td> <td colspan="2" id="xdx_49F_20170925__20251231_zXSJ4cZIQGL3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192075Member_z1gfSuyDE3t9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon U.S. Stock Market Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">16.98</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">13.01</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">13.94</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zJhnlw0o0h99" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketIndexMember_znLcHA03xl77" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.29</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.29</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1664 0.1268 0.1359 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1416 0.1735 0.1329 0.1429 2017-09-25 0.1698 0.1301 0.1394 0.1721 0.1313 0.1416 0.1735 0.1329 0.1429 JNL/Mellon DowSM Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the Dow Jones Industrial Average™ to provide total return through a combination of capital appreciation and dividend 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z05YkV7widYf"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_znZprLCVQ751"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zZ3dKBxsQaul" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000218192Member_z5BWAsjv79s1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zVcvqI9hMj3e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zpPCdYjeuhpj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zIPht0dJ5hsj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.17%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zrnucH6v2JE5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000218193Member_zSYNesXJPmu3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_zAs21VzbdSLd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_403_eoef--DistributionAndService12b1FeesOverAssets_dpn_zhIFKMD57tp" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zwbNhh68PIJ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.17%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_zdAql9o3q8f1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.35%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zsTLhoLgm5Ni" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.05%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_z8fSZG94DKQl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0017 0.0065 0.0018 0.0000 0.0017 0.0035 -0.0005 0.0030 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlXDnLf6Oyw7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zITwD4ReQZmf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon DowSM Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zyhIHE8hs936" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zQ1uKJNIO8Kd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_dn_zmT0edRXLwjc" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_z2q5s23nktef" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000218192Member_zR0TO7pmPQ38" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon DowSM Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zKcKQCboOQ21" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zskqg84RevT1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_dn_zPYZHxfoR8Dl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zTI3uzKBKG9h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000218193Member_zMT8wsLkoiAb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$191</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$438</td></tr> </table> 66 208 362 810 31 107 191 438 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">0</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0 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 for investment purposes) in the thirty securities which comprise the Dow Jones Industrial Average™ (“DJIA®”), with the weight of each security in the Fund substantially corresponding to the weight of such security in the DJIA®. The thirty securities are adjusted from time to time to conform to periodic changes to the identity and/or relative weightings in the DJIA®. Changes to the DJIA® are made on an as-needed basis. There is no annual or semi-annual reconstitution. However, changes in response to corporate actions and market developments can be made at any time. The DJIA® covers all industries except transportation and utilities. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may invest in securities issued by companies in the financial services sector. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund seeks to achieve its objective by investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the thirty securities which comprise the Dow Jones Industrial Average™ (“DJIA®”), with the weight of each security in the Fund substantially corresponding to the weight of such security in the DJIA®. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Limited management, trading cost and rebalance risk – Investing primarily according to specific, mechanical criteria applied on a specific date each year may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the selected companies during the year. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the Fund, then a series of the JNL Variable Fund LLC for periods before the Fund’s registration statement became effective. Effective April 27, 2020, the Fund was combined with JNL/Mellon S&P 1500 Value Index Fund (the “Acquired Fund”), a series of JNL Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zg8v2bPY7HUh"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000218192Member_zhEL1oIU0N45" style="vertical-align: middle; text-align: right">15.82%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000218192Member_zbobsqdYSFy1" style="vertical-align: middle; text-align: right">27.64%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000218192Member_zA2QSFDkcoDe" style="vertical-align: middle; text-align: right">-4.01%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000218192Member_zCkhCPOXktMl" style="vertical-align: middle; text-align: right">24.48%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000218192Member_zJF9vYCBpoZa" style="text-align: right">8.96%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000218192Member_zjj1ZeBPWaY7" style="text-align: right">20.16%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000218192Member_zerJdCuBqjZf" style="vertical-align: middle; text-align: right">-7.46%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000218192Member_ztURHGa8vUz9" style="vertical-align: middle; text-align: right">15.43%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000218192Member_z2q0ZnxKLKrj" style="vertical-align: middle; text-align: right">14.21%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000218192Member_zuokyaYKhYRi" style="vertical-align: middle; text-align: right">14.17%</td></tr> </table> <img alt="PerformanceBarChartData(2016:15.82,2017:27.64,2018:-4.01,2019:24.48,2020:8.96,2021:20.16,2022:-7.46,2023:15.43,2024:14.21,2025:14.17)" src="jnlst485bpos119.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.37%; Worst Quarter (ended 3/31/2020): -22.90% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000218193Member_zsQWgQ77Xiuc" style="vertical-align: middle; text-align: right">-3.68%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000218193Member_zuL4Tj31taw" style="vertical-align: middle; text-align: right">24.93%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000218193Member_zagKoRErOUXc" style="text-align: right">9.33%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000218193Member_zzyMrj3NMI25" style="text-align: right">20.59%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000218193Member_znO0o9zY6h29" style="text-align: right">-7.15%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000218193Member_zC8fsQFIFdmb" style="vertical-align: middle; text-align: right">15.84%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000218193Member_zpwQMq2Mo54b" style="vertical-align: middle; text-align: right">14.62%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000218193Member_z9ExuCwo49dc" style="vertical-align: middle; text-align: right">14.57%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-3.68,2019:24.93,2020:9.33,2021:20.59,2022:-7.15,2023:15.84,2024:14.62,2025:14.57)" src="jnlst485bpos120.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.48%; Worst Quarter (ended 3/31/2020): -22.84% 0.1582 0.2764 -0.0401 0.2448 0.0896 0.2016 -0.0746 0.1543 0.1421 0.1417 Best Quarter 2020-06-30 0.1837 Worst Quarter 2020-03-31 -0.2290 -0.0368 0.2493 0.0933 0.2059 -0.0715 0.1584 0.1462 0.1457 Best Quarter 2020-06-30 0.1848 Worst Quarter 2020-03-31 -0.2284 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zX1qWpOaeizk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zHWq9EO2GCk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zDSyArT69Q58" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49F_20210101__20251231_zu9nzelrYbkh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49D_20160101__20251231_zrFTJFSf6Gkg" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218193Member_zRK0TWbn3Htk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon DowSM Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zm6kzYOQTiOd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__us-gaap--DowJonesIndustrialAverageMember_z5O2Mp0CT5j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Dow Jones Industrial Average (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.92</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.58</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zOijB9wsmu2c"> </td> <td> </td> <td id="xdx_49F_20210101__20251231_ziCqo03ZWakd"> </td> <td> </td> <td colspan="2" id="xdx_495_20170925__20251231_z828Es00e6ql" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218192Member_zEwepZ3ZQKsi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Mellon DowSM Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">14.57</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">11.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">11.67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zA45a1TgEQM6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__us-gaap--DowJonesIndustrialAverageMember_zWMlZQqeT9hg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Dow Jones Industrial Average (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.92</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.58</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1417 0.1085 0.1241 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1492 0.1158 0.1311 2017-09-25 0.1457 0.1124 0.1167 0.1780 0.1388 0.1476 0.1492 0.1158 0.1201 JNL/Mellon World Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the Morningstar® Developed Markets Target Market Exposure Index℠ (Net) 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zmO8MUXSyVji"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zg5sUw7Z2p4l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zuanzcGAEzZk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000218195Member_zeustU2v4Ikd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z9QzP1JNyHy8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zAKdkk0SSVxi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zgZH9qAfKgfi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zEVPrw8IjJA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000218194Member_znmgiUkp40Dk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zk7fx4CVZgZi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zpEzUnlOhvsh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z1fv9dBtAKn2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zjhYx0DxQiIg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_401_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zlOPELAGI1Ne" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dp0_zqd1J7PwJr4d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0017 0.0065 0.0018 0.0000 0.0017 0.0035 0.0005 0.0030 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zR3Xqk68bTVd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zm6ic7OU54p" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon World Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zNNbpPAWcHhj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zsjtSXrNGgD7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zG3Q0sEOHhqb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z5G62QGrwsVd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000218195Member_zyKtoHeo6PLl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon World Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z302ygxSLqy3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zcyKvrX9auOf" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zU1eitYTLd2f" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z7OV8ttkLiOa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000218194Member_zIrTEkv5dnfi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$191</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$438</td></tr> </table> 66 208 362 810 31 107 191 438 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.16 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar Developed Markets Target Market Exposure (Net) Index (“Index”) or derivative securities economically related to the Index, a rules based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets equity markets. Morningstar Indexes classifies Canada, United States, Australia, Hong Kong, Japan, New Zealand, Singapore, Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland, United Kingdom and Israel as Developed Markets. Morningstar Indexes reviews these classifications annually. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 1,218 constituents and the full market capitalization range was $463 million to $4.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund seeks to track the performance and characteristics of the Index. The Fund is managed to reflect the composition of the Index and will rebalance as needed to reflect changes in the composition of the Index. To implement this strategy, the Fund may invest up to 50% of its net asset value in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. In addition, the Fund may use foreign currency forward contracts, a type of derivative, to maintain the approximate currency exposure of the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long term. The Fund may obtain exposure to non-U.S. companies through investment in depositary receipts such as American, Global, and European Depositary Receipts (ADRs, GDRs, and EDRs). Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund may invest in securities issued by companies in the financial services sector. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar Developed Markets Target Market Exposure (Net) Index (“Index”) or derivative securities economically related to the Index, a rules based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets equity markets. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Asian investment risk – Investing in Asia involves many of the same risks as investing in foreign securities. In addition, since Asia includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds. European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. 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. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Performance information prior to September 25, 2017 reflects the Fund’s results when managed by the sub-adviser utilizing a different investment strategy. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown, and 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. The performance data includes the performance of the JNL/Mellon MSCI World Index Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. Effective April 28, 2025, the Fund was combined with the JNL/Harris Oakmark Global Equity Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8C_eoef--BarChartTableTextBlock_z9QR1nUdsMs2"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5E_zoyOaEb52uMe" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218195Member_zTKlBgbhfB25" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_zg6m0CU2xyJd"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.95%</td></tr> <tr id="xdx_416_20170101__20171231_z2cV4WzWkCjc"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">21.24%</td></tr> <tr id="xdx_413_20180101__20181231_zxyk1r3aSKub"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.84%</td></tr> <tr id="xdx_415_20190101__20191231_zuaNNpe3yzCe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">27.27%</td></tr> <tr id="xdx_417_20200101__20201231_zt9vBkPtGPTh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">15.61%</td></tr> <tr id="xdx_411_20210101__20211231_zkwEOuvs73Y6" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">21.17%</td></tr> <tr id="xdx_415_20220101__20221231_zKOS6ifYgFHi" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-18.05%</td></tr> <tr id="xdx_412_20230101__20231231_zr3gKxwB56P"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">23.34%</td></tr> <tr id="xdx_411_20240101__20241231_zWpuDKtgJXI6"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.04%</td></tr> <tr id="xdx_414_20250101__20251231_zXxOYOT83REi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">20.79%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.95,2017:21.24,2018:-8.84,2019:27.27,2020:15.61,2021:21.17,2022:-18.05,2023:23.34,2024:18.04,2025:20.79)" src="jnlst485bpos121.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.56%; Worst Quarter (ended 3/31/2020): -21.13% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_zjZHPgrVIjL5" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218194Member_zkW1MHHGcaDf" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20180101__20181231_zL98NTJ9aIh9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.52%</td></tr> <tr id="xdx_414_20190101__20191231_zmUj8Bi2iEy6"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">27.77%</td></tr> <tr id="xdx_412_20200101__20201231_z4AGqB6W719h" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">16.02%</td></tr> <tr id="xdx_41C_20210101__20211231_zWpNze0KAUge" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">21.59%</td></tr> <tr id="xdx_415_20220101__20221231_zyNIJtHh3iv7" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-17.76%</td></tr> <tr id="xdx_414_20230101__20231231_zLYC25sbjAgc"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">23.76%</td></tr> <tr id="xdx_41E_20240101__20241231_zJE0U5LktMc2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.48%</td></tr> <tr id="xdx_41B_20250101__20251231_zOkUdOrnePe6"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">21.20%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-8.52,2019:27.77,2020:16.02,2021:21.59,2022:-17.76,2023:23.76,2024:18.48,2025:21.2)" src="jnlst485bpos122.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.70%; Worst Quarter (ended 3/31/2020): -21.09% 0.0695 0.2124 -0.0884 0.2727 0.1561 0.2117 -0.1805 0.2334 0.1804 0.2079 Best Quarter 2020-06-30 0.1956 Worst Quarter 2020-03-31 -0.2113 -0.0852 0.2777 0.1602 0.2159 -0.1776 0.2376 0.1848 0.2120 Best Quarter 2020-06-30 0.1970 Worst Quarter 2020-03-31 -0.2109 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zVwYAtgLxdb8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zW8IxChsKuX6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zYfFXZVM0Wa9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z0e08bSyAe9l" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z0wDThVTxgpg" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218195Member_zBnRdCJJ8EL2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon World Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">20.79</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.75</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsTargetMarketExposureIndexNetMember_zeknwIYWTEKj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zSmsjw7gWZeg"> </td> <td> </td> <td id="xdx_493_20210101__20251231_z9E6Cokukl23"> </td> <td> </td> <td colspan="2" id="xdx_493_20170925__20251231_z0YDHWBRPXi9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218194Member_zs2T14FF1Ncj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon World Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">21.20</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">12.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">12.00</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsTargetMarketExposureIndexNetMember_zL1kXAnVzFpf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar Developed Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.12</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2079 0.1180 0.1175 (reflects no deduction for fees, expenses, or taxes) 0.2113 0.1212 0.1211 2017-09-25 0.2120 0.1219 0.1200 0.2113 0.1212 0.1185 JNL/Mellon Nasdaq® 100 Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the Nasdaq-100® Index™ to provide 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. <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zOW9cHTX0JS2"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zDDdx9j6I1m9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zzw7dwJ0Rap7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000218197Member_zx4qwVelEgNe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zHBQED3vevEg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z3b0JAkcbQOe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zy7S2VlZbzW5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zPQo86r77eNc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.63%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000218196Member_zjZKTbI0UV7f" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zWnTRlJ2PaFf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_ztnHAXCCyiZ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zEVgEPF7Rc9i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zQOaddY3tN1h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.33%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zfpvNRPEk2q4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_402_eoef--NetExpensesOverAssets_dp0_z4C0COdFItJl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.28%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0016 0.0030 0.0017 0.0063 0.0016 0.0000 0.0017 0.0033 0.0005 0.0028 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzJAlm1JPzRd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zxkdV3POlrk3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Nasdaq® 100 Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zYCgvMO7JKof" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zKHXu03EiGo8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zAsvUmmiEfV9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z40XO08ncH6b" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000218197Member_zGlSy1UturJ9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$64</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$202</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$351</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$786</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Nasdaq® 100 Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zNMp3t4EBTtj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zIcedNfK6xF" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zOoLUugFsc4h" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zIiubopzi7kg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000218196Member_zwyuOgF94WKk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$180</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$413</td></tr> </table> 64 202 351 786 29 101 180 413 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in the securities which comprise the NASDAQ-100® Index™ (“Index”). The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the securities that make up the Index. The Index includes 100 of the largest non-financial domestic and international companies listed on the Nasdaq Stock Market. The Index reflects companies across high-growth industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in the securities of non-U.S. issuers. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Index in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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 performance information shown prior to April 25, 2016 reflects the Fund’s results when utilizing a different investment strategy. 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. The performance data includes the performance of the Fund, then a series of the JNL Variable Fund LLC for periods before the Fund’s registration statement became effective. Effective April 27, 2020, the Fund was combined with JNL/Mellon S&P 1500 Growth Index Fund (the “Acquired Fund”), a series of JNL Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zUgrCQBobmhd"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_zx83fFAVjT27" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218197Member_zDytGUBP7aB7" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_411_20160101__20161231_zFE9vjbOse05"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">7.94%</td></tr> <tr id="xdx_41C_20170101__20171231_zZePaTFWG2y8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">32.09%</td></tr> <tr id="xdx_417_20180101__20181231_zKOUb8LFE0vl"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.64%</td></tr> <tr id="xdx_415_20190101__20191231_zrrg1dNkWVD1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">38.56%</td></tr> <tr id="xdx_413_20200101__20201231_z29n1gHWqeB" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">47.96%</td></tr> <tr id="xdx_410_20210101__20211231_zievOyezCF79" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">26.70%</td></tr> <tr id="xdx_416_20220101__20221231_zWx5gsNP3Wlg" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-32.82%</td></tr> <tr id="xdx_416_20230101__20231231_zbr0x9zNOJk4"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">54.23%</td></tr> <tr id="xdx_41B_20240101__20241231_zUmtXuxoZjx4"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">25.09%</td></tr> <tr id="xdx_416_20250101__20251231_zeXKap7a2icd"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">20.28%</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.94,2017:32.09,2018:-0.64,2019:38.56,2020:47.96,2021:26.7,2022:-32.82,2023:54.23,2024:25.09,2025:20.28)" src="jnlst485bpos123.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 30.06%; Worst Quarter (ended 6/30/2022): -22.45% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_zdS9dpWlRFde" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218196Member_zXJ0Sx7q4Ir2" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_411_20160101__20161231_zFADKRIyuDrc"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">8.18%</td></tr> <tr id="xdx_411_20170101__20171231_zH7wLHu1ycs"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">32.42%</td></tr> <tr id="xdx_41B_20180101__20181231_zRJ2CFiQ3RHf"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.27%</td></tr> <tr id="xdx_41D_20190101__20191231_zPbwlFSi2gYi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">39.01%</td></tr> <tr id="xdx_411_20200101__20201231_zZDTLahZq1D7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">48.44%</td></tr> <tr id="xdx_419_20210101__20211231_zPBpKC7Io1xj" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">27.16%</td></tr> <tr id="xdx_41C_20220101__20221231_zswylPNZrFg5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-32.57%</td></tr> <tr id="xdx_41C_20230101__20231231_z3xjpmlzxrie"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">54.72%</td></tr> <tr id="xdx_416_20240101__20241231_zFbRyniW1iyh"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">25.54%</td></tr> <tr id="xdx_41E_20250101__20251231_ztIIS7A2Ssel"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">20.70%</td></tr> </table> <img alt="PerformanceBarChartData(2016:8.18,2017:32.42,2018:-0.27,2019:39.01,2020:48.44,2021:27.16,2022:-32.57,2023:54.72,2024:25.54,2025:20.7)" src="jnlst485bpos124.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 30.17%; Worst Quarter (ended 6/30/2022): -22.36% 0.0794 0.3209 -0.0064 0.3856 0.4796 0.2670 -0.3282 0.5423 0.2509 0.2028 Best Quarter 2020-06-30 0.3006 Worst Quarter 2022-06-30 -0.2245 0.0818 0.3242 -0.0027 0.3901 0.4844 0.2716 -0.3257 0.5472 0.2554 0.2070 Best Quarter 2020-06-30 0.3017 Worst Quarter 2022-06-30 -0.2236 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zuTdCVhdiId9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z0c71txdFBX4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zRq6oRrRR127" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zYNViu71C5j5" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zIiesszw6Yyb" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218197Member_zroc246VUmj6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Nasdaq® 100 Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">20.28</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">19.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zTZMsxXWmDOi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Nasdaq100IndexMember_z49RSenROVMb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">19.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zcDMHkHk63u9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zJ06qBxaMHz8" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z3o3giqlkThl" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218196Member_zt1Iv7MOi0fj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Nasdaq® 100 Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">20.70</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">19.48</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zXNCTYNTOIt6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Nasdaq100IndexMember_zbC0u1vhguI" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Nasdaq 100 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">19.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2028 0.1458 0.1909 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.2102 0.1530 0.1970 0.2070 0.1499 0.1948 0.1780 0.1388 0.1477 0.2102 0.1530 0.1970 JNL/Mellon Communication Services Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Communication Services Index℠ to provide total return through capital appreciation and dividend 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zyU7iefoCa47"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zVvqmS21C5H1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z6Axcl9vww7j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000218201Member_zY9VN2vDbe53" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zV2FA21y2v2b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zHXX5vRrTZZe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zw7mN9YhLjEc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z8uYnmMMVgw5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000218200Member_zSy14wVrr1Xa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z00Fq5G970o8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zB4lJtRIbkf7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zPkckQfLKBig" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zDbEhTmdApZ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.34%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zoqyOlEraEab" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.05%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dp0_zoWSDIGpawE8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.29%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0016 0.0064 0.0018 0.0000 0.0016 0.0034 0.0005 0.0029 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3BiUTE0vCGi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zmgCCtzt6s0f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Communication Services Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z6ZeEvWZA8ui" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zi09UnWCwQgk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zApzFhPHpVna" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zvfYEu3nerQ2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000218201Member_zaXaU1KqCf5k" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$205</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$357</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$798</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Communication Services Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zXX19qe8Sa8j" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zWuyrHV7izM1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zOIw3mIb9oz9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zHCdyOrn6mZe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000218200Member_zByTXQXSRtdl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$30</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$104</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$186</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$426</td></tr> </table> 65 205 357 798 30 104 186 426 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.37 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Communication Services Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of U.S. companies that provide communication services using fixed-line networks or those that provide wireless access and services. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 50 constituents and the full market capitalization range was $880 million to $1.8 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may lend its securities to increase its income. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Communication Services Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Communication Services Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_z0L0lbmZbN8"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_z4cTg2hmwbO2" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218201Member_zVza6KaL9oC6" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20160101__20161231_z5mkaLEe78va"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">23.55%</td></tr> <tr id="xdx_418_20170101__20171231_zhpqviGBO6t8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.53%</td></tr> <tr id="xdx_419_20180101__20181231_zoeicmo6Y5R8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.81%</td></tr> <tr id="xdx_41E_20190101__20191231_zQq3TmS8Gqic"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.42%</td></tr> <tr id="xdx_417_20200101__20201231_zfo42pq0fGM" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">25.26%</td></tr> <tr id="xdx_41E_20210101__20211231_zWSuBs5FNtWk" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.64%</td></tr> <tr id="xdx_410_20220101__20221231_zUORrUPKO1o2" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-41.33%</td></tr> <tr id="xdx_413_20230101__20231231_zDTtc8TQNNi6"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">53.58%</td></tr> <tr id="xdx_413_20240101__20241231_zBpwaKe1bJm4"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">38.44%</td></tr> <tr id="xdx_412_20250101__20251231_z5z5FtoqG7Df"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">32.98%</td></tr> </table> <img alt="PerformanceBarChartData(2016:23.55,2017:3.53,2018:-5.81,2019:26.42,2020:25.26,2021:15.64,2022:-41.33,2023:53.58,2024:38.44,2025:32.98)" src="jnlst485bpos125.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.77%; Worst Quarter (ended 6/30/2022): -22.03% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_zuTCvsK2Mvpc" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218200Member_zvcpz9L38RPe" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_zzKujvYQ5sl1"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">23.69%</td></tr> <tr id="xdx_41B_20170101__20171231_z4gL76gF7ml5"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.77%</td></tr> <tr id="xdx_413_20180101__20181231_zyAHDvLCA9D3"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.47%</td></tr> <tr id="xdx_417_20190101__20191231_zSW1sOwEpcUg"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.91%</td></tr> <tr id="xdx_41D_20200101__20201231_zbSPOOB1dxV2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">25.72%</td></tr> <tr id="xdx_419_20210101__20211231_zhRB3KDZWdl" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">15.98%</td></tr> <tr id="xdx_417_20220101__20221231_zvhT7ejxHOYe" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-41.13%</td></tr> <tr id="xdx_417_20230101__20231231_zkfxIcoypJQ5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">54.23%</td></tr> <tr id="xdx_41F_20240101__20241231_zf299GNyXNMe"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">38.86%</td></tr> <tr id="xdx_410_20250101__20251231_zT6B6lQoMen"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">33.47%</td></tr> </table> <img alt="PerformanceBarChartData(2016:23.69,2017:3.77,2018:-5.47,2019:26.91,2020:25.72,2021:15.98,2022:-41.13,2023:54.23,2024:38.86,2025:33.47)" src="jnlst485bpos126.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.79%; Worst Quarter (ended 6/30/2022): -21.91% 0.2355 0.0353 -0.0581 0.2642 0.2526 0.1564 -0.4133 0.5358 0.3844 0.3298 Best Quarter 2020-06-30 0.2077 Worst Quarter 2022-06-30 -0.2203 0.2369 0.0377 -0.0547 0.2691 0.2572 0.1598 -0.4113 0.5423 0.3886 0.3347 Best Quarter 2020-06-30 0.2079 Worst Quarter 2022-06-30 -0.2191 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zZ5jdXx02vkh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zxFnVi9T01Ff" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zeKkPLNpfkia" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zeZVgZY3mymc" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zfmOfWwPjRp5" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218201Member_zXLVT2w6qUO3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Communication Services Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">32.98</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zvzk6opq3nq8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSCommunicationServicesIndexMember_znecNsU9lg0f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Communication Services Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">33.93</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zbz3nADzf3d4" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zKSWeiEmltk2" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zveaOB7QwxB6" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218200Member_zXkQFNOHEvX" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Communication Services Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">33.47</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.21</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zfzLQMjeje2c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSCommunicationServicesIndexMember_zVYH7dOWHIo9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Communication Services Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">33.93</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.3298 0.1391 0.1385 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.3393 0.1449 0.1510 0.3347 0.1431 0.1421 0.1721 0.1313 0.1431 0.3393 0.1449 0.1510 JNL/Mellon Consumer Discretionary Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Consumer Cyclical IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_z29nr1PCTzzd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zF8CuiAoFURa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9mZ5SNnUZK6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000218202Member_zizoZAQdjPz5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z6GmQbfPF39l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zyAsENcvXcv6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zacFZ7vHTyV3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z0jrsPkz7CCl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000218203Member_zQ0tTUvfgLva" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zNWuEh6GoPH3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zmb68xA9ya92" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zRoBPz99eoL7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zoivmJg02wIh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zfEbx2gtlw47" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dp0_zWmqqpg8ey1f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.29%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0016 0.0064 0.0018 0.0000 0.0016 0.0034 0.0005 0.0029 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_zfEEbVb8aFG1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zWp7kEtsnw7f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Consumer Discretionary Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zmyvVCp9wzn6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zvBFyHBuGQEc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zoM0JQg2Vsxb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zvWiNW7xuvib" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218202Member_zfNmAjWKAtGd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$205</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$357</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$798</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Consumer Discretionary Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zml1xY6nAm88" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zP1D62n4opMi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zbF2jm1jAwca" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zc7M4aM9DdW" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000218203Member_zn178IEKQQck" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$30</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$104</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$186</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$426</td></tr> </table> 65 205 357 798 30 104 186 426 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.18 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its (net assets plus the amount of any borrowings for investment purposes) assets in the stocks in the Morningstar US Consumer Cyclical Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of retail stores, auto and auto parts manufacturers, companies engaged in residential construction, lodging facilities, restaurants and entertainment companies. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 142 constituents and the full market capitalization range was $968 million to $2.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. While predominately U.S.-focused, the Index may include securities that are listed on U.S. exchanges but for whom the issuers’ primary risks are considered to be outside the United States. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its (net assets plus the amount of any borrowings for investment purposes) assets in the stocks in the Morningstar US Consumer Cyclical Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Consumer Discretionary Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zRC3ZTwqr8V1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_z7nKdcLRqkLg" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218202Member_zys4EAgeQ8X4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20160101__20161231_zTRvyus6kMU5"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.16%</td></tr> <tr id="xdx_41E_20170101__20171231_z6Y3qBUxeSna"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">22.10%</td></tr> <tr id="xdx_41D_20180101__20181231_zhmKrkCeceHj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.22%</td></tr> <tr id="xdx_41F_20190101__20191231_zlWk965RL5b7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.88%</td></tr> <tr id="xdx_41D_20200101__20201231_zDTfJ4WnfJa5" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">47.01%</td></tr> <tr id="xdx_417_20210101__20211231_zNkf7tIV20qd" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">22.54%</td></tr> <tr id="xdx_415_20220101__20221231_zJuOwd4XRXt4" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-35.94%</td></tr> <tr id="xdx_41F_20230101__20231231_zWrM3vYufxTf"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">38.59%</td></tr> <tr id="xdx_414_20240101__20241231_zc34q5xbkNGk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">24.70%</td></tr> <tr id="xdx_41D_20250101__20251231_zatfEw3PBJo7"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">5.06%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.16,2017:22.1,2018:-1.22,2019:26.88,2020:47.01,2021:22.54,2022:-35.94,2023:38.59,2024:24.7,2025:5.06)" src="jnlst485bpos127.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 38.02%; Worst Quarter (ended 6/30/2022): -25.32% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_zv17wCvWfkVa" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218203Member_zYQF5jr9Uel1" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41E_20160101__20161231_zCbVXpDX4Gs3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.34%</td></tr> <tr id="xdx_41D_20170101__20171231_za1hTi54KLAe"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">22.44%</td></tr> <tr id="xdx_41E_20180101__20181231_zdhsXtIHOuY8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.91%</td></tr> <tr id="xdx_41D_20190101__20191231_z0hKQP4Niyu8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">27.29%</td></tr> <tr id="xdx_414_20200101__20201231_zPINh7qcGsV5" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">47.56%</td></tr> <tr id="xdx_41A_20210101__20211231_zAkDimW5ey21" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">22.96%</td></tr> <tr id="xdx_41C_20220101__20221231_zrhG2j0t8BNj" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-35.72%</td></tr> <tr id="xdx_411_20230101__20231231_zlA2IjsX9sq1"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">39.06%</td></tr> <tr id="xdx_416_20240101__20241231_ztJNTbGLgZbh"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">25.15%</td></tr> <tr id="xdx_41D_20250101__20251231_zZ96Nw6VktJi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">5.43%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.34,2017:22.44,2018:-0.91,2019:27.29,2020:47.56,2021:22.96,2022:-35.72,2023:39.06,2024:25.15,2025:5.43)" src="jnlst485bpos128.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 38.09%; Worst Quarter (ended 6/30/2022): -25.24% 0.0616 0.2210 -0.0122 0.2688 0.4701 0.2254 -0.3594 0.3859 0.2470 0.0506 Best Quarter 2020-06-30 0.3802 Worst Quarter 2022-06-30 -0.2532 0.0634 0.2244 -0.0091 0.2729 0.4756 0.2296 -0.3572 0.3906 0.2515 0.0543 Best Quarter 2020-06-30 0.3809 Worst Quarter 2022-06-30 -0.2524 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zPXxxvtl66id"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zld6TFg8pjb9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zXV1h2XoINLj" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zPY01lnu7zj5" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zOJm2qgKCGI3" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218202Member_zsilKxaOy4k4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon Consumer Discretionary Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.06</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.35</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.03</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zHO2pt9CZnzg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSConsumerCyclicalIndexMember_zpBwiPFR7HId" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Consumer Cyclical Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z3bTOYGwiuL9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_ztgj1h08wXWh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z1S9D01Ztxz6" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218203Member_z6J01GASigni" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon Consumer Discretionary Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.43</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zuROVEN3Dpej" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSConsumerCyclicalIndexMember_zVDgkKZlz1c7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Consumer Cyclical Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0506 0.0735 0.1303 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0570 0.0806 0.1392 0.0543 0.0772 0.1339 0.1721 0.1313 0.1431 0.0570 0.0806 0.1392 JNL/Mellon Consumer Staples Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Consumer Defensive IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zg3eXL9bZ8cd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z5eiujCM6rce"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zrAiHO5vXCP" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000192048Member_zqjW7AcR2WXi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zB842HxiKOvh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zeoj6Eu88J0g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zmUkb1qppEPc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zeOgSCcyKDC7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000192049Member_zrH2Bto4JRDa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z7E1N9bAgIze" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z4tSzKgtAqb3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zA6xpuROyhub" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z7lRtAjRt3t1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zrNC7gl371i1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dp0_zK4LusnXwFNl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0019 0.0030 0.0016 0.0065 0.0019 0.0000 0.0016 0.0035 0.0005 0.0030 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBLjWJZjrr96"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z7JDLmBIia8i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Consumer Staples Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zWPjLtQYNbfe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zv7lhbgWVhLa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z5PeotE8Ak32" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z4JTgVA1Z8Nf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000192048Member_zrZgQPc8yBta" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Consumer Staples Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zNSdy7cPyHYg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zyQPBmZ1xDX2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zNVYafeSrw33" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zBVInW9NA1J8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000192049Member_zlGLLVUmyt7l" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$191</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$438</td></tr> </table> 66 208 362 810 31 107 191 438 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.37 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Consumer Defensive Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies engaged in the manufacturing of food, beverages, household and personal products, packaging, or tobacco. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 58 constituents and the full market capitalization range was $2.6 billion to $889 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The consumer staples sector currently consists of companies representing food and staples retailing, food, beverage, and tobacco companies, and household and personal products companies. The Fund will concentrate in certain industries in the consumer staples sector to the extent such industries are represented in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Consumer Defensive Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zf1DNif70RB"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zGJ96WIyFfM6" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192048Member_zSBHovi4u4Be" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_414_20180101__20181231_zxPtOPuTUrsg"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.95%</td></tr> <tr id="xdx_412_20190101__20191231_zN1Ytb5BNen8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.09%</td></tr> <tr id="xdx_415_20200101__20201231_zQ7FJfJkHnjk" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.43%</td></tr> <tr id="xdx_41D_20210101__20211231_z8vePCbwuGd3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">16.28%</td></tr> <tr id="xdx_41F_20220101__20221231_z0z9CA5HBYi5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-3.20%</td></tr> <tr id="xdx_410_20230101__20231231_zmip0Oda4nSa"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">1.65%</td></tr> <tr id="xdx_41F_20240101__20241231_zrldmeLADI7i"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">13.52%</td></tr> <tr id="xdx_416_20250101__20251231_z6fEJMuispjl"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">0.40%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-8.95,2019:26.09,2020:10.43,2021:16.28,2022:-3.2,2023:1.65,2024:13.52,2025:0.4)" src="jnlst485bpos129.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 11.57%; Worst Quarter (ended 3/31/2020): -13.63% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zAe5IgZ9LaOk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192049Member_zsWaZFzSuq0i" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20180101__20181231_zexYT6sh0D93"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-8.66%</td></tr> <tr id="xdx_41A_20190101__20191231_zU8a7aslisbj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.39%</td></tr> <tr id="xdx_413_20200101__20201231_zq2VlXgkpMc3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.85%</td></tr> <tr id="xdx_41D_20210101__20211231_z6tIhKs72rA2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">16.70%</td></tr> <tr id="xdx_414_20220101__20221231_ziCuAKtvJcL8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-2.84%</td></tr> <tr id="xdx_414_20230101__20231231_zKM6QP4rlnag"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">2.01%</td></tr> <tr id="xdx_410_20240101__20241231_zjKjwb1IIpKa"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">13.87%</td></tr> <tr id="xdx_41B_20250101__20251231_zeN6QvXo9TV2"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">0.78%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-8.66,2019:26.39,2020:10.85,2021:16.7,2022:-2.84,2023:2.01,2024:13.87,2025:0.78)" src="jnlst485bpos130.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 11.67%; Worst Quarter (ended 3/31/2020): -13.54% -0.0895 0.2609 0.1043 0.1628 -0.0320 0.0165 0.1352 0.0040 Best Quarter 2022-12-31 0.1157 Worst Quarter 2020-03-31 -0.1363 -0.0866 0.2639 0.1085 0.1670 -0.0284 0.0201 0.1387 0.0078 Best Quarter 2022-12-31 0.1167 Worst Quarter 2020-03-31 -0.1354 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_z2RU19T61JTb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z4wzz4SACXba" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zKuxk5hl56lj"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zpfGmbyN9Crk"> </td> <td> </td> <td colspan="2" id="xdx_496_20170925__20251231_zZtZ1ziXIjD" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192048Member_zzAAvsFmoQ42" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Mellon Consumer Staples Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">0.40</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">5.45</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">7.03</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zpYZN4lIVxfb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSConsumerDefensiveIndexMember_zt1ax0lghvra" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Consumer Defensive Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">1.11</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.28</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zOenH4TCmbei"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zmIS1VrQI8S"> </td> <td> </td> <td colspan="2" id="xdx_496_20170925__20251231_zDDzF6GIPgIi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192049Member_zjplmNGtljk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Mellon Consumer Staples Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">0.78</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">5.83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">7.40</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z1ZQ3LA7Gw58" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSConsumerDefensiveIndexMember_zfbSaYGS7wV" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Consumer Defensive Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">1.11</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.28</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.0040 0.0545 0.0703 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1416 0.0111 0.0628 0.0837 2017-09-25 0.0078 0.0583 0.0740 0.1721 0.1313 0.1416 0.0111 0.0628 0.0837 JNL/Mellon Energy Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Energy Index℠ to provide total return through capital appreciation and dividend 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. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zlFIWMFBrxch"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zN6cmT7vVA8f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z1Q2RBKV3the" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000218204Member_zerMv2rxgGZa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zj8zltQHdJVd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z30rbyfTfnch" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zu4KbV5coMY1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zRwch1ac7Ufj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000218205Member_z6jKZ5lBQu2f" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zQ68SAqXr36a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z8aVRopkaJr2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zpQJ4V99xsFk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zohqvxi4os9d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.34%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zFAQGDemSTPf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_40E_eoef--NetExpensesOverAssets_dp0_zru2VRqEKfQa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.29%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0016 0.0064 0.0018 0.0000 0.0016 0.0034 0.0005 0.0029 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLhVeSWKr0N7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zKEo0AcyJ5E9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Energy Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z9RvTLf45iIf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zeTXE9Qjs6W8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zvxBNh9pkVB3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zUjrLW3h6Osa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218204Member_zPeOXkiVys4k" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$205</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$357</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$798</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Energy Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zxAcQH0U0JO1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zFd8yaCX24Dl" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zj6Oyr4BPzmd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zyZUAiV3uJtc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000218205Member_zNpuyXo4A7lb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$30</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$104</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$186</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$426</td></tr> </table> 65 205 357 798 30 104 186 426 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">9</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.09 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Energy Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of U.S. companies that produce or refine oil and gas, oil field services and equipment companies, and pipeline operators. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 47 constituents and the full market capitalization range was $3.1 billion to $507 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Energy Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Energy Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zfIsKJ9JGNR9"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_zZvmjsOn3C5i" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218204Member_zTHGgseZdgNk" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_413_20160101__20161231_zL6Whyt6ctDk"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">27.21%</td></tr> <tr id="xdx_411_20170101__20171231_zsmwXxpAlnKg"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-2.98%</td></tr> <tr id="xdx_41D_20180101__20181231_zbd0DdPgRZSa"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-20.40%</td></tr> <tr id="xdx_414_20190101__20191231_zVMvFptipwQ2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">8.64%</td></tr> <tr id="xdx_413_20200101__20201231_zuNrsMOLPgF3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-33.73%</td></tr> <tr id="xdx_41A_20210101__20211231_zOnENiqtE3Zg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">54.69%</td></tr> <tr id="xdx_416_20220101__20221231_zIHRZywioU88" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">61.35%</td></tr> <tr id="xdx_417_20230101__20231231_zp3HnoQQ3PNj"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-1.24%</td></tr> <tr id="xdx_41B_20240101__20241231_zq3beLeEA2P7"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.96%</td></tr> <tr id="xdx_412_20250101__20251231_z7DbjTzTIrOg"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.84%</td></tr> </table> <img alt="PerformanceBarChartData(2016:27.21,2017:-2.98,2018:-20.4,2019:8.64,2020:-33.73,2021:54.69,2022:61.35,2023:-1.24,2024:5.96,2025:6.84)" src="jnlst485bpos131.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2022): 38.12%; Worst Quarter (ended 3/31/2020): -52.19% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_zHj85x7bGcn8" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218205Member_zw24j5uOGpN5" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_411_20160101__20161231_zKDiMnUVQgKd"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">27.47%</td></tr> <tr id="xdx_415_20170101__20171231_zFMsK3yAtzR4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-2.73%</td></tr> <tr id="xdx_41E_20180101__20181231_zF1I0jae56k8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-20.13%</td></tr> <tr id="xdx_411_20190101__20191231_zb2vvWC1Hwc4"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.03%</td></tr> <tr id="xdx_416_20200101__20201231_zd0W1kvfoBM1" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-33.48%</td></tr> <tr id="xdx_415_20210101__20211231_zuoS6BT8dp5g" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">55.18%</td></tr> <tr id="xdx_41C_20220101__20221231_zAf18zeLqlKl" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">61.88%</td></tr> <tr id="xdx_413_20230101__20231231_zYgb31sPFuUa"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-0.88%</td></tr> <tr id="xdx_419_20240101__20241231_zZMpFzSmOqTi"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.32%</td></tr> <tr id="xdx_41F_20250101__20251231_zTEmYO2mYJ9g"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.24%</td></tr> </table> <img alt="PerformanceBarChartData(2016:27.47,2017:-2.73,2018:-20.13,2019:9.03,2020:-33.48,2021:55.18,2022:61.88,2023:-0.88,2024:6.32,2025:7.24)" src="jnlst485bpos132.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2022): 38.20%; Worst Quarter (ended 3/31/2020): -52.19% 0.2721 -0.0298 -0.2040 0.0864 -0.3373 0.5469 0.6135 -0.0124 0.0596 0.0684 Best Quarter 2022-03-31 0.3812 Worst Quarter 2020-03-31 -0.5219 0.2747 -0.0273 -0.2013 0.0903 -0.3348 0.5518 0.6188 -0.0088 0.0632 0.0724 Best Quarter 2022-03-31 0.3820 Worst Quarter 2020-03-31 -0.5219 <div id="xdx_A89_eoef--PerformanceTableTextBlock_z3Xrj9d0T6ol"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z27kl4Dolelf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zkihH7HrdaS3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zmaZ5ktJv5Z3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zb9G0gIySayf" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218204Member_zntBVkjVH9te" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Energy Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.84</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">22.78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zRHy7VPhYZyj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSEnergyIndexMember_ztn0nOcmlsy9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Energy Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.56</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.89</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zHEArQixndo6" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zsizncUupx8d" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zbrtgjnoDYzk" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218205Member_zy6glISZs6Ri" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Energy Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.24</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.21</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zF48TwuanJo8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSEnergyIndexMember_zKyO0jTJNOh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Energy Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.56</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.89</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0684 0.2278 0.0704 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0761 0.2356 0.0789 0.0724 0.2321 0.0739 0.1721 0.1313 0.1431 0.0761 0.2356 0.0789 JNL/Mellon Financial Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Financial Services IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zAqX79RIeLI5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zKQd3c1x8tf3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zARXrc9cQcz5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000218207Member_zRg3b5i6aqZ8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zIBqGjo0d8pk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zFygW34gcX6i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z8X6HVeeqN25" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zRRXl50YecP8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.64%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000218206Member_zSksQZ9URtG8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zmfv0irKSs43" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.18%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z8LtYyQQv1oi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zSeSynXJzQMe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zCB4ja57cHok" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.34%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zR4gJ8N83Ddj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.05%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dp0_z8sGI0OjsvH3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.29%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0016 0.0064 0.0018 0.0000 0.0016 0.0034 0.0005 0.0029 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zlB3GgcvAnHk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zHMDff9JEt2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Financial Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z6HaS7ljyUgb" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zTU48AIx9Bh3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z8xF5tDve3Yj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zHtQUWcw0gfj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000218207Member_zi5sqBFCtWS9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$205</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$357</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$798</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Financial Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zt5RXC8dtyXg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zyTrrYVzWpq9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zBtwEYKXb1N7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_znmZVHS503k6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000218206Member_zkefKjFZrFA8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$30</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$104</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$186</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$426</td></tr> </table> 65 205 357 798 30 104 186 426 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.10 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar US Financial Services Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies that provide financial services, which include banks, savings and loans, asset management companies, credit services, investment brokerage firms, and insurance companies. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 184 constituents and the full market capitalization range was $504 million to $1.1 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. Certain provisions of the Bank Holding Company Act of 1953, as amended, may limit the ability of the Fund to invest in certain securities in excess of certain percentage limitations. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar US Financial Services Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Banking industry investment risk – Investment in securities issued by banks may be affected by factors influencing the health and performance of the banking industry. These factors may include, among others, economic trends, industry competition and governmental actions, as well as factors affecting the financial stability of borrowers. Bank securities typically are not insured by the U.S. government, foreign governments, or their agencies. Bank securities that do not represent deposits have lower priority in the bank’s capital structure than those securities comprised of deposits. This lower priority means that, in the event of insolvency of the bank that issued the security, the security could become worth less than the Fund paid for it. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Financial Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. Effective April 27, 2026, the Fund was combined with JNL/Morningstar PitchBook Listed Private Equity Index Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_zGiUDRVZQb14"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A53_zzq4hqaYDsU5" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218207Member_zSJf4n4m10C3" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_410_20160101__20161231_zkTZi8QU7mgj"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">24.10%</td></tr> <tr id="xdx_415_20170101__20171231_zK8B31Or66Yk"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">19.32%</td></tr> <tr id="xdx_413_20180101__20181231_zZJFuS9hFxYk"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.87%</td></tr> <tr id="xdx_413_20190101__20191231_zEbGVH9fBkSc"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.08%</td></tr> <tr id="xdx_416_20200101__20201231_z42j8kh648i4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-2.72%</td></tr> <tr id="xdx_41E_20210101__20211231_zEbUTK0E6y19" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">29.34%</td></tr> <tr id="xdx_412_20220101__20221231_zqF3sjygwYmb" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-12.89%</td></tr> <tr id="xdx_41D_20230101__20231231_zo7rSGkb2G9a"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.41%</td></tr> <tr id="xdx_41E_20240101__20241231_zdjczvQevmY3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">30.37%</td></tr> <tr id="xdx_412_20250101__20251231_zmJ4jC0uTvhk"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.18%</td></tr> </table> <img alt="PerformanceBarChartData(2016:24.1,2017:19.32,2018:-13.87,2019:31.08,2020:-2.72,2021:29.34,2022:-12.89,2023:15.41,2024:30.37,2025:16.18)" src="jnlst485bpos133.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 25.13%; Worst Quarter (ended 3/31/2020): -33.18% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zRjFW2bgTDV9" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218206Member_zOTSTQbDvLa3" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_414_20160101__20161231_zyf9ouCJXy2c"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">24.32%</td></tr> <tr id="xdx_41B_20170101__20171231_zBXJMT3cQxga"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">19.60%</td></tr> <tr id="xdx_417_20180101__20181231_zSxF71Tnj0Jd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-13.57%</td></tr> <tr id="xdx_416_20190101__20191231_zj726WqkFEsb"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.49%</td></tr> <tr id="xdx_415_20200101__20201231_zOtDXZEaDTY2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-2.37%</td></tr> <tr id="xdx_416_20210101__20211231_zk6agHc5H1Ic" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">29.78%</td></tr> <tr id="xdx_418_20220101__20221231_z4JSlO2KG5ea" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-12.56%</td></tr> <tr id="xdx_41A_20230101__20231231_zA6Wo5S6tOih"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">15.80%</td></tr> <tr id="xdx_41E_20240101__20241231_zDqcaRlB5VBe"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">30.82%</td></tr> <tr id="xdx_419_20250101__20251231_zXfByrYjiJub"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.58%</td></tr> </table> <img alt="PerformanceBarChartData(2016:24.32,2017:19.6,2018:-13.57,2019:31.49,2020:-2.37,2021:29.78,2022:-12.56,2023:15.8,2024:30.82,2025:16.58)" src="jnlst485bpos134.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 25.23%; Worst Quarter (ended 3/31/2020): -33.16% 0.2410 0.1932 -0.1387 0.3108 -0.0272 0.2934 -0.1289 0.1541 0.3037 0.1618 Best Quarter 2020-12-31 0.2513 Worst Quarter 2020-03-31 -0.3318 0.2432 0.1960 -0.1357 0.3149 -0.0237 0.2978 -0.1256 0.1580 0.3082 0.1658 Best Quarter 2020-12-31 0.2523 Worst Quarter 2020-03-31 -0.3316 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zRF2lhVjef9d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z6YNCbzeuLgj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zvmNSys9Ahp1" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zzBGOMSfZgy" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zKNsw1jrlBSi" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218207Member_zeZcSni18uQ9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Financial Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.18</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.35</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zff09vVoFsYd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSFinancialServicesIndexMember_zWPxs1kc7oGe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Financial Services Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.74</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.91</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zFhdomNUS3Kk" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zkwXbnLjjDBd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zBYxs88wLAqd" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218206Member_zMxwufgEqL2g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Financial Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.58</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.92</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zfE2NJoWZPO3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSFinancialServicesIndexMember_z1SLiaaHdBb8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Financial Services Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.74</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.91</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1618 0.1452 0.1235 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1686 0.1474 0.1391 0.1658 0.1492 0.1270 0.1721 0.1313 0.1431 0.1686 0.1474 0.1391 JNL/Mellon Healthcare Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Healthcare IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zG5st9B5zFC4"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zDmGLP0lrUP7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_z0lwhaHc0w3b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000218209Member_ze1Or7kIANDj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zezYUlBm0GS4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zp857LjRDSbi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zFORoGVBJlyd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zTi3NfP8WWM6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.63%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000218208Member_zVc3e7mrAIJ" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zzjCICy7JrGk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.17%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zY3JfYydZPD3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z1YVGqkov5x7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_ziegm85AW2w1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.33%</td></tr> <tr id="xdx_405_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zniwjVgh4t3b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_401_eoef--NetExpensesOverAssets_dp0_zOTvvXrUxg4d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.28%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0017 0.0030 0.0016 0.0063 0.0017 0.0000 0.0016 0.0033 0.0005 0.0028 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxzB64gIvLca"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zXq8Lb5wt3i7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Healthcare Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zbnsDbzAR74c" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zIeyJMNDN05a" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zArixwLRdXsk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zF2Pd1EWv0Fl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000218209Member_zU5wusC97Xee" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$64</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$202</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$351</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$786</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Healthcare Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zMDYSWOakIn9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zQbRgrDL9sO4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zxDWlppdgCOg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z9zRBhZJTsP7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000218208Member_zu0fboVgol82" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$29</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$180</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$413</td></tr> </table> 64 202 351 786 29 101 180 413 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">4</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.04 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar US Healthcare Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies of biotechnology, pharmaceuticals, research services, home healthcare, hospitals, long-term care facilities, and medical equipment and supplies. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 132 constituents and the full market capitalization range was $1.5 billion to $965 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar US Healthcare Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Healthcare Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zIAvrpJst5Zf"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_zX1OoUedzlLl" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218209Member_zKoKo2lHYIFf" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_zK9CIqvEKD4h"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">-3.82%</td></tr> <tr id="xdx_417_20170101__20171231_zcebHdaGLOF7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">22.63%</td></tr> <tr id="xdx_41A_20180101__20181231_zvSLXATe0wUh"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">4.95%</td></tr> <tr id="xdx_417_20190101__20191231_zKWXvzC86DSi"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.38%</td></tr> <tr id="xdx_419_20200101__20201231_z6Vc8AolATe9" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.52%</td></tr> <tr id="xdx_419_20210101__20211231_zwPbU3vWvyZh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">20.20%</td></tr> <tr id="xdx_41C_20220101__20221231_ziHBXDKM3NKe" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-5.78%</td></tr> <tr id="xdx_413_20230101__20231231_zc5fXCqWjK8l"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">1.60%</td></tr> <tr id="xdx_41C_20240101__20241231_zR08utdM9Sal"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.02%</td></tr> <tr id="xdx_416_20250101__20251231_zAyk4Xc2jqMe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">14.47%</td></tr> </table> <img alt="PerformanceBarChartData(2016:-3.82,2017:22.63,2018:4.95,2019:21.38,2020:17.52,2021:20.2,2022:-5.78,2023:1.6,2024:2.02,2025:14.47)" src="jnlst485bpos135.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 16.24%; Worst Quarter (ended 3/31/2020): -13.22% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_zTHcwZGx9XQa" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218208Member_zPTOKrGRmw33" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41C_20160101__20161231_zTgh366LzGg9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">-3.67%</td></tr> <tr id="xdx_410_20170101__20171231_z85MOpp6iLE3"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">22.91%</td></tr> <tr id="xdx_41B_20180101__20181231_ztDYKWUlEAnd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">5.29%</td></tr> <tr id="xdx_410_20190101__20191231_zngzdmkP66z3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">21.83%</td></tr> <tr id="xdx_414_20200101__20201231_zlm7yt7CudT7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.92%</td></tr> <tr id="xdx_41A_20210101__20211231_zFrkLXjXePU" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">20.61%</td></tr> <tr id="xdx_411_20220101__20221231_zQUAmUHZTgAf" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-5.43%</td></tr> <tr id="xdx_417_20230101__20231231_zXR5o3rNuv88"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">1.94%</td></tr> <tr id="xdx_416_20240101__20241231_zj0jOtJ10y8g"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.38%</td></tr> <tr id="xdx_413_20250101__20251231_zGvyfxN61FFa"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">14.87%</td></tr> </table> <img alt="PerformanceBarChartData(2016:-3.67,2017:22.91,2018:5.29,2019:21.83,2020:17.92,2021:20.61,2022:-5.43,2023:1.94,2024:2.38,2025:14.87)" src="jnlst485bpos136.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 16.30%; Worst Quarter (ended 3/31/2020): -13.13% -0.0382 0.2263 0.0495 0.2138 0.1752 0.2020 -0.0578 0.0160 0.0202 0.1447 Best Quarter 2020-06-30 0.1624 Worst Quarter 2020-03-31 -0.1322 -0.0367 0.2291 0.0529 0.2183 0.1792 0.2061 -0.0543 0.0194 0.0238 0.1487 Best Quarter 2020-06-30 0.1630 Worst Quarter 2020-03-31 -0.1313 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zNq8Rc0cCICi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zvYdWtYpcFK3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zH826NcfXcOc" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zpFZe1XLOWfh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zZVAvXQzNnfk" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218209Member_zx783jLX58F1" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon Healthcare Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.47</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.03</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zhwiWdNo8fVj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSHealthcareIndexMember_zg6zgLRrKhdc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Healthcare Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zMBxhEnNjmkd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zAZqKU2eRlJh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_ze7zaU1hZjUl" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218208Member_z9clBUDxW35l" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon Healthcare Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.87</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.46</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.37</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z1Jf0YEP9Sub" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSHealthcareIndexMember_zQ9Y6t1rk4Tl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Healthcare Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.19</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.76</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1447 0.0609 0.0903 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1519 0.0676 0.0954 0.1487 0.0646 0.0937 0.1721 0.1313 0.1431 0.1519 0.0676 0.0954 JNL/Mellon Industrials Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Industrials IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zK6OZ9EUjBzd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_ztWjbjh02VAe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zr8ppX6M5S83" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000192052Member_zHNoZDO6TIPh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zVYSjYXzJWP4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zaIGuJ6uMkBd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zN4rkewMvnU8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zwBPaT9Gzjt6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000192053Member_zYFkfYkUaVd6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_znPJgWlij612" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_ziNudmgmZOm5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zd17ebYv3tIk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zkrjbRQVTZLg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zxjMwZWdXjp3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dp0_zEUBB9CYM3Oj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0019 0.0030 0.0016 0.0065 0.0019 0.0000 0.0016 0.0035 0.0005 0.0030 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJXoOvYLBfn8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_z2QVivsLiA39" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Industrials Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zOY2W3oDNr2d" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zaoCuH2pTfbl" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zfKhvnYMRhUk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zofqGFVlotqg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000192052Member_zuIj8DREbp83" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Industrials Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zKLMtsgxGGJ3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zVSzFZVmfNK8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zlD55Xan12W3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbM0eztyiMB2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000192053Member_zQSxdk4NcV4g" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$191</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$438</td></tr> </table> 66 208 362 810 31 107 191 438 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.21 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Industrials Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies that manufacture machinery, hand-held tools and industrial products. This sector also includes aerospace and defense firms as well as companies engaged in transportation and logistic services. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 195 constituents and the full market capitalization range was $988 million to $327 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund will concentrate in certain industries in the industrials sector to the extent such industries are represented in the Index. The Index measures the performance of the industrials sector of the U.S. equity market. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Industrials Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_z29qPt7j2e4a"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_zU2EGnx1UBmd" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192052Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_414_20180101__20181231_zzAq7WREnrTf"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.43%</td></tr> <tr id="xdx_41F_20190101__20191231_zlSjeGXnRgwa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">30.01%</td></tr> <tr id="xdx_419_20200101__20201231_zaYjOy0Mn3ck" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.56%</td></tr> <tr id="xdx_41B_20210101__20211231_zkBs8BwgGos7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">20.92%</td></tr> <tr id="xdx_418_20220101__20221231_z9FZuk2Qpwsc" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-8.71%</td></tr> <tr id="xdx_416_20230101__20231231_z03mHOWr7lA"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">20.09%</td></tr> <tr id="xdx_414_20240101__20241231_zlQfCLjji3Jg"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">15.72%</td></tr> <tr id="xdx_418_20250101__20251231_zwpxE5yAVUne"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.09%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-14.43,2019:30.01,2020:13.56,2021:20.92,2022:-8.71,2023:20.09,2024:15.72,2025:18.09)" src="jnlst485bpos137.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.34%; Worst Quarter (ended 3/31/2020): -26.96% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_z9z5W1idNpPf" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192053Member_zO0rK2QobHe4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_ztUmdwOf9uRk"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-14.06%</td></tr> <tr id="xdx_418_20190101__20191231_zG68Uz2U5hff"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">30.43%</td></tr> <tr id="xdx_417_20200101__20201231_zbTMx0OghBij" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">13.88%</td></tr> <tr id="xdx_412_20210101__20211231_zZxDqttMqvuh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">21.37%</td></tr> <tr id="xdx_419_20220101__20221231_z5IN7c5dHFLd" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-8.35%</td></tr> <tr id="xdx_414_20230101__20231231_zbysmJypVQwj"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">20.53%</td></tr> <tr id="xdx_417_20240101__20241231_zfQoxopVAAJ7"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">16.10%</td></tr> <tr id="xdx_41F_20250101__20251231_zWQe9XLXwm3b"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.49%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-14.06,2019:30.43,2020:13.88,2021:21.37,2022:-8.35,2023:20.53,2024:16.1,2025:18.49)" src="jnlst485bpos138.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.42%; Worst Quarter (ended 3/31/2020): -26.92% -0.1443 0.3001 0.1356 0.2092 -0.0871 0.2009 0.1572 0.1809 Best Quarter 2020-06-30 0.1834 Worst Quarter 2020-03-31 -0.2696 -0.1406 0.3043 0.1388 0.2137 -0.0835 0.2053 0.1610 0.1849 Best Quarter 2020-06-30 0.1842 Worst Quarter 2020-03-31 -0.2692 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zG1EvDeBNhz"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zuNdxioICZwg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zRbV6TB9paYl"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zcZuvvAdjDWd"> </td> <td> </td> <td colspan="2" id="xdx_490_20170925__20251231_zAFCLslK74x9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192052Member_zgis1NUzlF15" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Mellon Industrials Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">18.09</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">12.62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">11.40</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zxQ0YzvY6GKl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSIndustrialsIndexMember_z7WYxIgrNHM2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Industrials Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.73</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z5BIipalJpK1"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zAQPP1Cpz1fj"> </td> <td> </td> <td colspan="2" id="xdx_490_20170925__20251231_zYMOrC1GuCVi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192053Member_zMKGTY849fy8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL/Mellon Industrials Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">18.49</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">13.02</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">11.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zYjasUZXBva3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSIndustrialsIndexMember_zeMuBLskwo6g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Industrials Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.73</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1809 0.1262 0.1140 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1416 0.1873 0.1335 0.1216 2017-09-25 0.1849 0.1302 0.1178 0.1721 0.1313 0.1416 0.1873 0.1335 0.1216 JNL/Mellon Information Technology Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Technology IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zxlll6VYFfeg"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zKKjX5YJvrs6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zFnpfm981kU5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000218210Member_zEzwdqw1Q5s2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z2wc6stxVTrb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.16%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zuaHL8QuOBQa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zhxGrEPa8chc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zkQaOqmVK3I1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.61%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000218211Member_zKX6VVN7jfCa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zlQe6d5261Mj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.16%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zueHyaSBvVI5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zXHD9NkDtHK4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zbzSJ7Zk0OIc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.31%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zk1OlSZcgqv" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_403_eoef--NetExpensesOverAssets_dp0_zuCCQ6fPnfE7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.14% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0016 0.0030 0.0015 0.0061 0.0016 0.0000 0.0015 0.0031 0.0005 0.0026 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2OIz8uBKWw6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zpU0oXsItZ8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Information Technology Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zTvxvJmFW3d6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z95GDZTmmCS2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zd5HwEkGxBJh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zkzYBFst3EQj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000218210Member_z1qRxwju7LBh" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$62</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$195</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$340</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$762</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Information Technology Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z2z1vEOXhugg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zGV9Feb1GRl" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_ztKn7uuiuzxc" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zbAQ0QY6Rftd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218211Member_zRsAHAncIbql" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$169</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$388</td></tr> </table> 62 195 340 762 27 95 169 388 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">25</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.25 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Technology Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies engaged in the design, development, and support of computer operating systems and applications. This sector also includes companies that provide computer technology consulting services engaged in the manufacturing of computer equipment, data storage products, networking products, semiconductors, and components. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 196 constituents and the full market capitalization range was $2.2 billion to $4.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that a Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, consistent with the Fund’s investment objective and strategies, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the Morningstar US Technology Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. The performance data includes the performance of the JNL/Mellon Information Technology Sector Fund, then a series of the JNL Variable Fund LLC, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A89_eoef--BarChartTableTextBlock_zBgBqg5AtZph"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_zMI41SsXnymk" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218210Member_zC8PtYvSNUq2" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_z5bJ6vkjHGPb"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">13.30%</td></tr> <tr id="xdx_411_20170101__20171231_zujhaxdHBXga"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">36.31%</td></tr> <tr id="xdx_415_20180101__20181231_zYmIxVrPyJod"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.76%</td></tr> <tr id="xdx_41A_20190101__20191231_zh5QhMpO4QVj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">47.99%</td></tr> <tr id="xdx_418_20200101__20201231_zp5C18BLdQjb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">45.12%</td></tr> <tr id="xdx_414_20210101__20211231_zBo0K7sVQft7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">33.21%</td></tr> <tr id="xdx_417_20220101__20221231_zUBd1gGdbh3c" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-31.99%</td></tr> <tr id="xdx_41E_20230101__20231231_zQdeXE7r0ic7"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">58.19%</td></tr> <tr id="xdx_414_20240101__20241231_zByIBfOV4Zdc"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">35.27%</td></tr> <tr id="xdx_41E_20250101__20251231_zVL5mxKLON77"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">20.73%</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.3,2017:36.31,2018:-0.76,2019:47.99,2020:45.12,2021:33.21,2022:-31.99,2023:58.19,2024:35.27,2025:20.73)" src="jnlst485bpos139.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 31.56%; Worst Quarter (ended 6/30/2022): -22.44% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_zz85lmq9CXL7" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218211Member_zTLDT8g4S6zg" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_415_20160101__20161231_z8o5y2WMiZF3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">13.44%</td></tr> <tr id="xdx_41A_20170101__20171231_z0QzywQHmQgh"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">36.62%</td></tr> <tr id="xdx_413_20180101__20181231_zUapsdnWSpRd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.38%</td></tr> <tr id="xdx_415_20190101__20191231_z8jeigKmMlk7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">48.49%</td></tr> <tr id="xdx_41A_20200101__20201231_zzWXijgkNwl1" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">45.61%</td></tr> <tr id="xdx_41F_20210101__20211231_zCyCB6rvPCHg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">33.69%</td></tr> <tr id="xdx_414_20220101__20221231_zhOi45s0luwb" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-31.76%</td></tr> <tr id="xdx_41E_20230101__20231231_zC646LBMsy99"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">58.79%</td></tr> <tr id="xdx_41A_20240101__20241231_z4h8XO9Hv983"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">35.73%</td></tr> <tr id="xdx_415_20250101__20251231_zJ7jGy4w3R9d"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">21.15%</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.44,2017:36.62,2018:-0.38,2019:48.49,2020:45.61,2021:33.69,2022:-31.76,2023:58.79,2024:35.73,2025:21.15)" src="jnlst485bpos140.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 31.69%; Worst Quarter (ended 6/30/2022): -22.37% 0.1330 0.3631 -0.0076 0.4799 0.4512 0.3321 -0.3199 0.5819 0.3527 0.2073 Best Quarter 2020-06-30 0.3156 Worst Quarter 2022-06-30 -0.2244 0.1344 0.3662 -0.0038 0.4849 0.4561 0.3369 -0.3176 0.5879 0.3573 0.2115 Best Quarter 2020-06-30 0.3169 Worst Quarter 2022-06-30 -0.2237 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zGEN8mBHOwc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zr77kVYC6bzi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zUDOi2yJvOs6" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z5Sd7E4Lwvwl" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zzI3SxVxodkb" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218210Member_z5gES7YBa5Rl" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Information Technology Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">20.73</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">18.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">22.65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zl0F9p74WjK9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTechnologyIndexMember_z0O9wPsjIVI6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Technology Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">19.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.29</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 64%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zbBuJl4O0TZ5" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_z9PUyQspwYVk" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_ziXXPqgHn9Cc" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218211Member_zpw7Iunacxf8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Mellon Information Technology Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">21.15</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">18.96</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">23.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zUgJUOEISx9j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTechnologyIndexMember_z8sNqla3Bh9f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Technology Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">21.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">19.33</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.29</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2073 0.1854 0.2265 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.2143 0.1933 0.2329 0.2115 0.1896 0.2304 0.1721 0.1313 0.1431 0.2143 0.1933 0.2329 JNL/Mellon Materials Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Basic Materials IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zoKIGBhHfwx9"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zqq5SM1PB6rd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zzPkp1zRhGi8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000192050Member_zlNHnJnOn6c4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zzxxP9Xp3K0a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.21%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zWvF76KNQJh3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_ziD28xWmIeRh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zyQ8UPW3cFO7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000192051Member_zMF0ZcMwUIv8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zVkjNHcSkM48" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.21%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zQnuq1scWeq4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zDDu3l2WqeG4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zkvzHFGaiHj6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.37%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zyaw5k6fQRB9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_404_eoef--NetExpensesOverAssets_dp0_zebWTiDjdz92" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.32%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0021 0.0030 0.0016 0.0067 0.0021 0.0000 0.0016 0.0037 0.0005 0.0032 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8EQNsHa7l4f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2I4E36vt643" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Materials Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zOTgSlO1rhWh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zAxVlSqgE4Ua" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDwdxdokz5Rl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zB9cuNRaRLs1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000192050Member_zysjbczgwWHb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Materials Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zzIpfbmxHDNl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zDzcKAeLyk81" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zx9Ayj2GAmj1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z6IyHb0FhLcd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000192051Member_zaZS39v58xZb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$33</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$114</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$203</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$463</td></tr> </table> 68 214 373 835 33 114 203 463 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_985_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000058484Member_zljFfWLTxLuh" style="border-bottom: black 1pt solid; width: 16%; text-align: right">35</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.35 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Basic Materials Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of companies that manufacturer chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 44 constituents and the full market capitalization range was $3.6 billion to $201 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. While predominately U.S.-focused, the Index may include securities that are listed on U.S. exchanges but for whom the issuers’ primary risks are considered to be outside the United States. The Fund will concentrate in certain industries in the materials sector to the extent such industries are represented in the Index. The Index measures the performance of the materials sector of the U.S. equity market. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Basic Materials Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zu0cOQdrOfX8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zPq1aGi9aLDk"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zyeuxclv3SIb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_zQ9V8fhwTsE5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z3ixWhaKPhO7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z8IikxStk4xh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LicenseTerminationRiskMember_zdqIrYrcKISc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zknkJAv0J9Td"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsInvestingRiskMember_zl62uh3N1Jzl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zUQgcvyPrg22"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexInvestingRiskMember_zKp3mcEHa7Yl"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index.</td></tr></table> <div id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_ziNVpuYvw219"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates.</td></tr></table> <div id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zDDvPjjbuMZ3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zUNU7AGHepye"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z4rENREOt3J9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> 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, and 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. 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. <div id="xdx_A83_eoef--BarChartTableTextBlock_zBeSlALyiyej"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_znBhliR1iZC1" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192050Member_z94O18p04eM5" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_zsHjEKcFv6Y1"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-18.63%</td></tr> <tr id="xdx_419_20190101__20191231_zB2eb2njnBJc"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">22.78%</td></tr> <tr id="xdx_41D_20200101__20201231_zg4QcZyZDhsl" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">18.84%</td></tr> <tr id="xdx_412_20210101__20211231_zDosIIyEqbr9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">28.39%</td></tr> <tr id="xdx_418_20220101__20221231_zW95Zg9w3Fj6" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-11.92%</td></tr> <tr id="xdx_414_20230101__20231231_zILDzPyhqnl9" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">14.23%</td></tr> <tr id="xdx_41D_20240101__20241231_zmS1wyKziaca" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">-2.32%</td></tr> <tr id="xdx_417_20250101__20251231_zXnxQoLGPxc8" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">14.44%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-18.63,2019:22.78,2020:18.84,2021:28.39,2022:-11.92,2023:14.23,2024:-2.32,2025:14.44)" src="jnlst485bpos141.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 26.30%; Worst Quarter (ended 3/31/2020): -28.02% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zaXO4XF2pYm5" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192051Member_zDkQKpJl6Qh8" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_zqHx87JewCk8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-18.35%</td></tr> <tr id="xdx_419_20190101__20191231_zZZ85KhbJNcj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">23.17%</td></tr> <tr id="xdx_41D_20200101__20201231_zIsTh4Q021mh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">19.37%</td></tr> <tr id="xdx_412_20210101__20211231_zqfKv2sQmO2i" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">28.78%</td></tr> <tr id="xdx_418_20220101__20221231_z3ZZgE320QRi" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-11.57%</td></tr> <tr id="xdx_414_20230101__20231231_zAUMQm3IssE9" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">14.59%</td></tr> <tr id="xdx_41D_20240101__20241231_zS5dIaGwVPoi" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">-2.03%</td></tr> <tr id="xdx_416_20250101__20251231_zPHbWabgqU3j" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">14.89%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-18.35,2019:23.17,2020:19.37,2021:28.78,2022:-11.57,2023:14.59,2024:-2.03,2025:14.89)" src="jnlst485bpos142.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 26.36%; Worst Quarter (ended 3/31/2020): -27.93% -0.1863 0.2278 0.1884 0.2839 -0.1192 0.1423 -0.0232 0.1444 Best Quarter 2020-06-30 0.2630 Worst Quarter 2020-03-31 -0.2802 -0.1835 0.2317 0.1937 0.2878 -0.1157 0.1459 -0.0203 0.1489 Best Quarter 2020-06-30 0.2636 Worst Quarter 2020-03-31 -0.2793 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zK3Z0wC6LfAk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zsWPYL2gqwSa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zg2bhRKEiWK3"> </td> <td> </td> <td id="xdx_493_20210101__20251231_z1ZZoz6LpDx7"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zVzgfUQCOck" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192050Member_zY0nOVmutiK2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon Materials Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">14.44</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">7.63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">7.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zRZgs7gklDUd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSBasicMaterialsIndexMember_zFmFbzdmXO57" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Basic Materials Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z0OnAkHnb21d"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zlfnZj5zCmyi"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zCfZYrRRWWZ8" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192051Member_zj17IXLjze4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon Materials Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">14.89</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">7.99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">7.95</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zawTHsuzbxJh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSBasicMaterialsIndexMember_zxOBryPXZoBf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Basic Materials Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1444 0.0763 0.0759 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1416 0.1530 0.0849 0.0874 2017-09-25 0.1489 0.0799 0.0795 0.1721 0.1313 0.1416 0.1530 0.0849 0.0874 JNL/Mellon Real Estate Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Real Estate IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zI4edsK8pVmj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zgORHvpHJAv9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zZLjfsug9Nj3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000192054Member_z2gChSU4Sd14" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zTlpt50iOLdh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zkk1RKh6a6Lk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zaqHkcemjan" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zFmtKnVH2Em2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.66%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000192055Member_zazBDmo821Hc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zAj4Zhm2SMFf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zxo1uXn7Beej" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zzX7MW8Nlb3d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zuw7f2eq5No2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zYAAGSHbFoye" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zq3444agqyak" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.31%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0030 0.0016 0.0066 0.0020 0.0000 0.0016 0.0036 -0.0005 0.0031 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLBmOTHzxQKi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zQczdpFBfB0e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Real Estate Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zl09VvRikfm8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zEZDz2UqEova" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zSElhIQwFOn8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z3w5V5L2vEi8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000192054Member_zOvXrnEZ4cXk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$211</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$822</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Real Estate Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zxJPCPuZdLib" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z0jgCzDVQER2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zwLMQAxOu55e" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z4G0PGDbhB57" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000192055Member_zowhHOA7qv0g" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$111</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$197</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$451</td></tr> </table> 67 211 368 822 32 111 197 451 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_988_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000058486Member_zrHe2sUCpdk7" style="border-bottom: black 1pt solid; width: 16%; text-align: right">12</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.12 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Real Estate Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of mortgage companies, property management companies and REITs in the United States. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 76 constituents and the full market capitalization range was $3.3 billion to $127 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund will concentrate in certain industries in the real estate sector to the extent such industries are represented in the Index. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Real Estate Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5IVR7kBXqs1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAOJ1BVTzpvh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SectorRiskMember_zoC6fy4BNVY9"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__oef--RiskNondiversifiedStatusMember_z549m1lj7Bw7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateInvestmentRiskMember_zxVLCS9ggrg8"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources.</td></tr></table> <div id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReitInvestmentRiskMember_zH97IXx0rjIa"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zznEpzQPQq7b"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LicenseTerminationRiskMember_zQ1Z2bxGta32"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy.</td></tr></table> <div id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zLWK3adxXBul"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ExchangeTradedFundsInvestingRiskMember_zX2XrAgxGh98"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentRiskMember_zRPohdIu81ed"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends.</td></tr></table> <div id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndexInvestingRiskMember_zCjZcKNNVTx5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index.</td></tr></table> <div id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zFzsTMgEzM51"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates.</td></tr></table> <div id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationInvestingRiskMember_zmbQHXPOopPe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallCapitalizationInvestingRiskMember_zpFz0Z744Dm7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>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.</td></tr></table> <div id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zH5X4rEDJHA2"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 0.25in">●</td><td>Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent.</td></tr></table> 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, and 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. 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. <div id="xdx_A81_eoef--BarChartTableTextBlock_zlfGRhZ2Lc3g"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_dU_zMOXDP5X864l" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192054Member_zeqzNBvGE9Ra" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41D_20180101__20181231_z2zlDKw8psGg"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.28%</td></tr> <tr id="xdx_419_20190101__20191231_zuG1apXbHos8"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">27.97%</td></tr> <tr id="xdx_41C_20200101__20201231_zj9nBIbdxYHd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-5.32%</td></tr> <tr id="xdx_416_20210101__20211231_zzqPmMvPJpy2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">38.76%</td></tr> <tr id="xdx_419_20220101__20221231_znRzyhcx8GJa" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-26.09%</td></tr> <tr id="xdx_413_20230101__20231231_zxbN64hpDnj1" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">10.96%</td></tr> <tr id="xdx_419_20240101__20241231_z2zhH72DJTX3" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">4.34%</td></tr> <tr id="xdx_416_20250101__20251231_z24I6vp6ZHB6" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">3.37%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.28,2019:27.97,2020:-5.32,2021:38.76,2022:-26.09,2023:10.96,2024:4.34,2025:3.37)" src="jnlst485bpos143.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 17.71%; Worst Quarter (ended 3/31/2020): -24.27% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zSaF7vGcBC8a" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192055Member_z14fp9oQ8Jzc" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41D_20180101__20181231_z1LmhF8YToMk"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.37%</td></tr> <tr id="xdx_419_20190101__20191231_z0rlpxFHTmG"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">28.38%</td></tr> <tr id="xdx_41C_20200101__20201231_zWSCUCQODLk4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-4.98%</td></tr> <tr id="xdx_416_20210101__20211231_zEnNc2GNaXge" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">39.26%</td></tr> <tr id="xdx_419_20220101__20221231_zX57symE4O9g" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-25.82%</td></tr> <tr id="xdx_413_20230101__20231231_z27HcFYYj88j" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">11.38%</td></tr> <tr id="xdx_419_20240101__20241231_zT3yLsHc8rM5" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">4.71%</td></tr> <tr id="xdx_416_20250101__20251231_z6dYicD9Pi8c" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">3.72%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.37,2019:28.38,2020:-4.98,2021:39.26,2022:-25.82,2023:11.38,2024:4.71,2025:3.72)" src="jnlst485bpos144.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 17.85%; Worst Quarter (ended 3/31/2020): -24.20% -0.0528 0.2797 -0.0532 0.3876 -0.2609 0.1096 0.0434 0.0337 Best Quarter 2023-12-31 0.1771 Worst Quarter 2020-03-31 -0.2427 -0.0537 0.2838 -0.0498 0.3926 -0.2582 0.1138 0.0471 0.0372 Best Quarter 2023-12-31 0.1785 Worst Quarter 2020-03-31 -0.2420 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zP3oseFN7uUf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z42ElYZqePk4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zsGKUEM2kZId"> </td> <td> </td> <td id="xdx_493_20210101__20251231_zCTQxiHKyord"> </td> <td> </td> <td colspan="2" id="xdx_490_20170925__20251231_z4SpdDGyy7cb" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192054Member_zdTVDF4tC9Z" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon Real Estate Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">3.37</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">4.18</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">4.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zUframkTwFSd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSRealEstateIndexMember_zTt1oySHfI9l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Real Estate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">4.14</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.07</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zdjs1NKgT2yc"> </td> <td> </td> <td id="xdx_493_20210101__20251231_z8WFc6o7RLwk"> </td> <td> </td> <td colspan="2" id="xdx_490_20170925__20251231_z9k3KMBAY9sc" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192055Member_ze2iv8KjBwNb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon Real Estate Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">3.72</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">4.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">4.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zvBlZAebRRO5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSRealEstateIndexMember_zu6HrUin36Ii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Real Estate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">4.14</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.07</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.0337 0.0418 0.0452 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1416 0.0414 0.0470 0.0507 2017-09-25 0.0372 0.0456 0.0483 0.1721 0.1313 0.1416 0.0414 0.0470 0.0507 JNL S&P 500 Index Fund Class I Investment Objective. The investment objective of the Fund is to track the performance of the S&P 500® Index 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zb1OKFyKwuK8"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zPGRethU36T"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zNJSbIjYwD8b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000192047Member_zmUBtRxyiz85" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z6c4eDbIcI9c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4HEPrueETAj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zlXRBSsxt4m5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.12%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z8dRx5NbtoUl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.32%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zX6L7bSWiOKk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2,3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.23%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zs1J6Wgkcvs" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.09%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.06% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.17% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0012 0.0032 -0.0023 0.0009 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. The example also assumes that the Class I administrative waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zR8h1bm15P81"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z51AXjcIAFlj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL S&P 500 Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_dn_zpECdp6DKSO1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zAuWXPUQjMsj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zQofdWrdMgJe" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_dn_zdkJBjfPcm0f" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000192047Member_ztIIHawDtmY3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$9</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$157</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$383</td></tr> </table> 9 80 157 383 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">19</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.19 Principal Investment Strategies. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P 500® Index (“Index”) in proportion to their market capitalization weighting in the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range of the Index is $3.6 billion to $4.6 trillion. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment of income. The replicated portfolio does not require rebalancing as a result of market movement. The Fund is managed to reflect the composition of the Index and will rebalance as needed to reflect changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its Index, to assist with Index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may hold up to 25% of its value in Index futures contracts. The Fund may invest in securities issued by companies in the financial services sector. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P 500® Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Performance results include the effect of expense waiver/reduction arrangements for some or all of the periods shown, and 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8C_eoef--BarChartTableTextBlock_zdPgT1SOGRY2"></div> Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192047Member_zTIX8JNHLORc" style="vertical-align: middle; text-align: right">-4.66%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192047Member_zJPi0enubYZj" style="vertical-align: middle; text-align: right">31.25%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192047Member_zKRJED4FjTC7" style="text-align: right">18.15%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192047Member_zd3ZOoDTLj63" style="text-align: right">28.53%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192047Member_zOtRTVaBiBrd" style="text-align: right">-18.18%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192047Member_zK9DIdS1TH6a" style="text-align: right">26.17%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192047Member_z4d6bNJmVnz9" style="text-align: right">24.87%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192047Member_zdzKh2mY6f0j" style="text-align: right">17.79%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.66,2019:31.25,2020:18.15,2021:28.53,2022:-18.18,2023:26.17,2024:24.87,2025:17.79)" src="jnlst485bpos145.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.46%; Worst Quarter (ended 3/31/2020): -19.64% -0.0466 0.3125 0.1815 0.2853 -0.1818 0.2617 0.2487 0.1779 Best Quarter 2020-06-30 0.2046 Worst Quarter 2020-03-31 -0.1964 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zNnGnnvOgMS2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zi0t9ITX5dQk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zLVHHshQcjdk"> </td> <td> </td> <td id="xdx_499_20210101__20251231_z2PF3zdb9zwe"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zMPjBV0pIGb6" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192047Member_z4r5vjGFcj87" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 64%">JNL S&P 500 Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">17.79</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">14.31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">14.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ziS6LAIe2RDi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1779 0.1431 0.1466 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 JNL/Mellon Utilities Sector Fund Class A Class I Investment Objective. The objective of the Fund is to track the performance of the Morningstar® US Utilities IndexSM to provide total return through capital appreciation and dividend 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zJ0R5gUR4DPf"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zJyyf3DPPmJi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zfTDBZ65HN1d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000124095Member_zSgW03XhGxpk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zfqFzqjjhrkd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zr0kX4lqi7Qd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zgKEb4Ah7AWd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zOnBMzvSUrv3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000124096Member_z38xZQxXkVwg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zVCJlIene5f1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.19%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBHb979ijOAj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zi59eMhpPG6g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zpyyKZB8uhMl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.35%</td></tr> <tr id="xdx_40C_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zp2VyIkwUP68" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zjd1XmxRjDV7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0019 0.0030 0.0016 0.0065 0.0019 0.0000 0.0016 0.0035 -0.0005 0.0030 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0zft7ptGmZj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z6xt3eIp144l" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Utilities Sector Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_dn_zHrKOgcHGUh9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_zrgmny281M9d" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zxTOKrzgfeoj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zn3UktDTQfTf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000124095Member_znOyZZBZijgl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Mellon Utilities Sector Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_dn_zJAJJrzb1WTc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_zBSogdOdqis2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zTCUbltUEgmd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zFkOxuJb4dq8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000124096Member_zkw3zuY4hbv5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$191</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$438</td></tr> </table> 66 208 362 810 31 107 191 438 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">28</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.28 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Utilities Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index measures the performance of electric, gas, and water utilities. The Index is float market capitalization weighted. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and effective the following Monday. As of December 31, 2025, the Index had 49 constituents and the full market capitalization range was $1.1 billion to $167 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund will concentrate in certain industries in the utilities sector to the extent such industries are represented in the Index. The Index measures the performance of the utilities sector of the U.S. equity market. The Fund seeks to achieve its objective by utilizing a replication investment approach, called indexing, which attempts to replicate the investment performance of the Index. Indexing may offer a cost-effective investment approach to gaining sector exposure over the long term. Indexing may eliminate the chance that the Fund will outperform the Index, but also may reduce some of the risk of active management, such as poor security selection. The Fund’s ability to achieve significant correlation with the performance of the Index may be affected by changes in shareholder flows, securities markets and changes in the composition of the Index. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Morningstar US Utilities Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Government regulatory risk – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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, and 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. 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. <div id="xdx_A82_eoef--BarChartTableTextBlock_za180OBBh1ve"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000124095Member_zQVoaGPd0h67" style="vertical-align: middle; text-align: right">16.81%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000124095Member_zYr7QcKTkudh" style="vertical-align: middle; text-align: right">11.62%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000124095Member_zwlAY2kOtTUj" style="vertical-align: middle; text-align: right">3.79%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000124095Member_zEhJC7EPXmT7" style="vertical-align: middle; text-align: right">24.20%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000124095Member_zqQh67eFDmGe" style="text-align: right">-1.05%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000124095Member_zFxtR9eegh3h" style="text-align: right">16.77%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000124095Member_zHVmYvtGqEb4" style="text-align: right">0.80%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000124095Member_zRLWvAesZVJk" style="text-align: right">-7.71%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000124095Member_zTOwYfsUEY28" style="vertical-align: middle; text-align: right">25.69%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000124095Member_zqqFlMdDngi9" style="vertical-align: middle; text-align: right">18.65%</td></tr> </table> <img alt="PerformanceBarChartData(2016:16.81,2017:11.62,2018:3.79,2019:24.2,2020:-1.05,2021:16.77,2022:0.8,2023:-7.71,2024:25.69,2025:18.65)" src="jnlst485bpos146.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2024): 19.57%; Worst Quarter (ended 3/31/2020): -14.06% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000124096Member_zSb6W9FOyVvb" style="vertical-align: middle; text-align: right">4.03%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000124096Member_zXtDKzdUEEHb" style="vertical-align: middle; text-align: right">24.69%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000124096Member_zeN47ZhVbkjl" style="text-align: right">-0.68%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000124096Member_zG27eBNaLX0g" style="text-align: right">17.11%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000124096Member_zNVZEFZT4ou2" style="text-align: right">1.22%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000124096Member_zHkb6nQmQcpd" style="text-align: right">-7.37%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000124096Member_zQM1VuiQPUci" style="text-align: right">26.14%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000124096Member_zWGKcar7choi" style="text-align: right">19.02%</td></tr> </table> <img alt="PerformanceBarChartData(2018:4.03,2019:24.69,2020:-0.68,2021:17.11,2022:1.22,2023:-7.37,2024:26.14,2025:19.02)" src="jnlst485bpos147.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2024): 19.67%; Worst Quarter (ended 3/31/2020): -13.98% 0.1681 0.1162 0.0379 0.2420 -0.0105 0.1677 0.0080 -0.0771 0.2569 0.1865 Best Quarter 2024-09-30 0.1957 Worst Quarter 2020-03-31 -0.1406 0.0403 0.2469 -0.0068 0.1711 0.0122 -0.0737 0.2614 0.1902 Best Quarter 2024-09-30 0.1967 Worst Quarter 2020-03-31 -0.1398 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zQrrTi0gfND8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zS7yGKHw8Eo1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z9kUAcV01QSh" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49D_20210101__20251231_z2GH7q1kfon1" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zclE9kbEDxI7" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000124095Member_z25sRxTjTpC4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/Mellon Utilities Sector Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">18.65</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.13</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.42</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zmPSfyU4eph5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSUtilitiesIndexMember_zSrxFaG9l4wk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Utilities Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zUevULHbWuqk"> </td> <td> </td> <td id="xdx_49D_20210101__20251231_zDPSR8UAMxec"> </td> <td> </td> <td colspan="2" id="xdx_49C_20170925__20251231_zGXoI0ZC7ifj" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000124096Member_zba8Lp108g7g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/Mellon Utilities Sector Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">19.02</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.51</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">9.56</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zP0uFme8QUD8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSUtilitiesIndexMember_zi7pTXwDS74" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Utilities Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1865 0.1013 0.1042 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1943 0.1090 0.1111 2017-09-25 0.1902 0.1051 0.0956 0.1721 0.1313 0.1416 0.1943 0.1090 0.0993 JNL/MFS Equity Income Fund (formerly, JNL/Invesco Diversified Dividend Fund) Class A Class I Investment Objective. The investment objective of the Fund is to seek total return through a combination of current income and capital appreciation. 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z1yeAw7Y8SAi"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zeN5wBpai1je"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zwKJJxQMnz7i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000192060Member_z6ucosduNxz5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zvhnUh0xc9A4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlns9Dr35uIh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zoNZjR7n4kah" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zDk2RAt8fd9i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zZxNLPLDyCRh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.92%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000192061Member_z8ikxWTyHxhi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z4nC6IloKRG1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDqeB19AV7n6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zq0F0RI4ncI9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z66CBjoU3n6b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.01%</td></tr> <tr id="xdx_408_eoef--ExpensesOverAssets_dpn_zvlWhXkOG2xl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.62%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0046 0.0030 0.0015 0.0001 0.0092 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 information has been restated to reflect current fees. 0.0046 0.0000 0.0015 0.0001 0.0062 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4stnjC9YtQi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z01gsSDvzCGl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/MFS Equity Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zyup9biQDzn7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_zApODsOdImLd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_dn_zXq0N2D18xY" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_dn_zWJKUqTDgdu3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192060Member_zDjSO9BZ4c11" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$94</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$293</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$509</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,131</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/MFS Equity Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zaTIfm0EG1o5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_z7fcNK8nfyA1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_dn_zVzQGY4tIeMd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_dn_zIGtcTlEl6Lh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000192061Member_zTxdmr6XRRs5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$199</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$346</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$774</td></tr> </table> 94 293 509 1131 63 199 346 774 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> Portfolio turnover for the period of January 1, 2025 to December 31, 2025 is for the Fund when operating under its former investment strategy. 0.59 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 equity securities. Equity securities include common stocks, depositary receipts, equity interests in real estate investment trusts (REITs), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. The Fund invests primarily in securities that Massachusetts Financial Services Company (d/b/a MFS Investment Management) (“MFS” or “Sub-Adviser”) believes are income-producing equity securities. MFS invests the majority of the Fund’s assets in dividend-paying common stocks, but may invest the Fund’s assets in other types of income-producing securities, including convertible securities, preferred stocks, and equity interests in REITs, and may also invest the Fund’s assets in non-income-producing equity securities. The Sub-Adviser may invest the Fund’s assets in foreign securities. In selecting investments, MFS is not constrained by any particular investment style. MFS may invest the Fund’s assets in the stocks of companies it believes to have above average earnings growth potential compared to other companies (growth companies), in the stocks of companies it believes are undervalued compared to their perceived worth (value companies), or in a combination of growth and value companies. While MFS may invest the Fund’s assets in securities of companies of any size, MFS primarily invests in securities of companies with large capitalizations. MFS normally invests the Fund’s assets across different industries and sectors, but MFS may invest a significant percentage of the Fund’s assets in issuers in a single industry or sector. MFS uses an active bottom-up approach to buying and selling investments for the Fund. Investments are selected primarily based on blending fundamental and quantitative research. MFS uses fundamental analysis of individual issuers to determine a fundamental rating for an issuer. MFS uses quantitative analysis to determine a quantitative rating for an issuer. MFS combines the fundamental rating with the quantitative rating to create a blended rating for an issuer. When the fundamental rating is not available, MFS treats the issuer as having a neutral fundamental rating. MFS then constructs the portfolio using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, market capitalization, measures of expected volatility of the Fund’s return (e.g., predicted beta and predicted tracking error), and other factors. MFS has the discretion to adjust the inputs and parameters used in the optimization process and the Fund’s portfolio holdings based on factors such as the desired portfolio characteristics and MFS’ qualitative assessment of the optimization results. Under normal circumstances, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). Dividend-paying stock risk – Dividend-paying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. The prices of dividend-paying stocks may decline as interest rates increase. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by an account reduce or stop paying dividends, the account’s ability to generate income may be adversely affected. 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. 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. 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. 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. 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. 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. 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. Redemption risk – Large redemption activity could result in the Fund being forced to sell portfolio securities at a loss or before the Adviser or Sub-Adviser would otherwise decide to do so. Large redemption activity in the Fund may also result in increased expense ratios, higher levels of realized capital gains or losses with respect to the Fund’s portfolio securities, higher brokerage commissions, and other transaction costs. Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor’s historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security’s value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model. 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. 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 prior to April 27, 2026 reflects the Fund’s results when managed by the former Sub-Adviser, Invesco Advisers, Inc. 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. 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zq80cR3w1Wc6"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192060Member_zEbzvs2XlC2g" style="vertical-align: middle; text-align: right">-7.26%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_98B_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192060Member_zMlbCplrwTUk" style="vertical-align: middle; text-align: right">23.84%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192060Member_zIMGh5IIJRYa" style="text-align: right">0.61%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192060Member_zPBvNuNamnWj" style="text-align: right">18.65%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192060Member_zaYaB67o8D3b" style="text-align: right">-1.97%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192060Member_ztmCHgplYIea" style="text-align: right">8.54%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192060Member_zGnCEzGR9WTf" style="text-align: right">12.59%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025`</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192060Member_zJaVSFgvGPq9" style="text-align: right">15.31%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-7.26,2019:23.84,2020:0.61,2021:18.65,2022:-1.97,2023:8.54,2024:12.59,2025:15.31)" src="jnlst485bpos148.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 13.86%; Worst Quarter (ended 3/31/2020): -23.81% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000192061Member_zf24zGsw5Hkl" style="vertical-align: middle; text-align: right">-6.96%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000192061Member_zzTVPINuB2Ee" style="vertical-align: middle; text-align: right">24.28%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000192061Member_zBk1v1AOofUf" style="text-align: right">0.86%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000192061Member_zkKDoDEFkAdg" style="text-align: right">19.08%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2022</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000192061Member_zyIw8NGpMWp9" style="text-align: right">-1.72%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000192061Member_zhKo149kP7Ve" style="text-align: right">8.92%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000192061Member_zhFgII6dbBL8" style="text-align: right">12.89%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000192061Member_znaWmMp3cOob" style="text-align: right">15.64%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.96,2019:24.28,2020:0.86,2021:19.08,2022:-1.72,2023:8.92,2024:12.89,2025:15.64)" src="jnlst485bpos149.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 13.94%; Worst Quarter (ended 3/31/2020): -23.81% -0.0726 0.2384 0.0061 0.1865 -0.0197 0.0854 0.1259 0.1531 Best Quarter 2020-12-31 0.1386 Worst Quarter 2020-03-31 -0.2381 -0.0696 0.2428 0.0086 0.1908 -0.0172 0.0892 0.1289 0.1564 Best Quarter 2020-12-31 0.1394 Worst Quarter 2020-03-31 -0.2381 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zfHm7QdZ0Yya"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zkASjTOp6y8k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zeXQaLe7TV2"> </td> <td> </td> <td id="xdx_490_20210101__20251231_zzU3Pcbz5icd"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zBeUUcLtLIT" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192060Member_z39FARHPmdW4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/MFS Equity Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">15.31</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">8.46</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zUHPSMyjQMI" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zjlSsBtmsu5e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.80</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_496_20250101__20251231_zY3ILMiIPsza"> </td> <td> </td> <td id="xdx_490_20210101__20251231_zAUzKsLpa1N7"> </td> <td> </td> <td colspan="2" id="xdx_491_20170925__20251231_zsaXawIbrGDi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192061Member_zKdOdAt9jxqf" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">JNL/MFS Equity Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 10%; text-align: right">15.64</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 10%; text-align: right">10.72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 10%; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zFA6Ia4f7pUa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_z5Mf3qU4qLb9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.80</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1531 0.1039 0.0846 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1883 0.1338 0.1180 2017-09-25 0.1564 0.1072 0.0879 0.1788 0.1442 0.1482 0.1883 0.1338 0.1180 JNL/MFS Mid Cap Value Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek capital appreciation. 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. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zW3uODmfgiXl"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zfzMHmFPQoS3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zxh1JuF9zL6j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000004629Member_z0t7Lm5LVR8k" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zHxDIcCP5OQf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.55%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zm70skSCpySf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zSEb9Zildy38" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zzSelUYhnABh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000067963Member_zcNhBiKUusYe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zEWL2RmHzT2j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.55%</td></tr> <tr id="xdx_409_eoef--DistributionAndService12b1FeesOverAssets_dpn_zoiTnFG4lWhf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zYHZiGFUEy1f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.10%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zHtGWRlaYJC1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 2%">1</td> <td style="vertical-align: bottom; width: 98%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0055 0.0030 0.0010 0.0095 0.0055 0.0000 0.0010 0.0065 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHj7sDmaeFR8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zC2M1wcidhB7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/MFS Mid Cap Value Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zBuKRHy9vsce" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_dn_z1OAtCIty1W4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zIlY30a5oWt4" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_dn_zMDtYr59nLal" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000004629Member_zA3Wu3oqVBz9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$303</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$525</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,166</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/MFS Mid Cap Value Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zKMMl7sLTrJ8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_dn_zmF7bUuJN9B" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_z8yg4o8SHURa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48A_eoef--ExpenseExampleYear10_dn_zfFgFO2mjSC4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000067963Member_zXEulIGt2Al2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> 97 303 525 1166 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">23</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.23 Principal Investment Strategies. The Fund seeks to meet its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in issuers with medium market capitalizations. Massachusetts Financial Services Company (“Sub-Adviser” or “MFS”) generally defines medium market capitalization issuers as issuers with market capitalizations similar to those of issuers included in the Russell Midcap® Value Index over the last 13 months at the time of purchase. As of December 31, 2025, the range of market capitalizations of the Russell Midcap® Value Index was between approximately $1.31 billion and $101.87 billion. MFS normally invests the Fund’s assets primarily in equity securities. Equity securities include common stocks, depositary receipts, equity interests in real estate investment trusts (“REITs”), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS focuses on investing the Fund’s assets in the stocks of companies that it believes are undervalued compared to their perceived worth (value companies). MFS may invest the Fund’s assets in foreign securities. MFS normally invests the Fund’s assets across different industries and sectors, but MFS may invest a significant percentage of the Fund’s assets in issuers in a single industry or sector. MFS uses an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate an issuer may also be considered. The Fund seeks to meet its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in issuers with medium market capitalizations. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. 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. 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 prior to April 24, 2017, reflects the Fund’s results when managed by the former sub-adviser, Goldman Sachs Assets Management, L.P. 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 August 13, 2018, the Fund was combined with JNL/Invesco Mid Cap Value Fund with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the JNL/Invesco Mid Cap Value Fund. Effective April 27, 2020, the Fund was combined with JNL/PPM America Mid Cap Value Fund, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the JNL/PPM America Mid Cap Value Fund. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zgCqwRXYM1w1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000004629Member_zgGmGbSH0GU1" style="vertical-align: middle; text-align: right">13.58%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000004629Member_zpyBpQj0Xof3" style="vertical-align: middle; text-align: right">13.02%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000004629Member_z2iyiDeQDYDb" style="vertical-align: middle; text-align: right">-11.68%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000004629Member_z8DEMAgiNK72" style="vertical-align: middle; text-align: right">30.88%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000004629Member_z2Zs8jsGWWw6" style="text-align: right">3.87%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000004629Member_zj864TX1NEKl" style="text-align: right">30.53%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000004629Member_za27bxLPXzBd" style="vertical-align: middle; text-align: right">-9.01%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000004629Member_zVFHFFArUUX5" style="vertical-align: middle; text-align: right">12.30%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000004629Member_z4AFfIRqvMhc" style="vertical-align: middle; text-align: right">13.91%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000004629Member_zEFtuZCfuNJb" style="vertical-align: middle; text-align: right">6.01%</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.58,2017:13.02,2018:-11.68,2019:30.88,2020:3.87,2021:30.53,2022:-9.01,2023:12.3,2024:13.91,2025:6.01)" src="jnlst485bpos150.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.87%; Worst Quarter (ended 3/31/2020): -31.26% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr> <td style="vertical-align: top; text-align: left">2016</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000067963Member_zS08kNEAFAGi" style="vertical-align: middle; text-align: right">13.74%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2017</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000067963Member_zRrDgU6IlRR6" style="vertical-align: middle; text-align: right">13.33%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2018</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000067963Member_zdnifRXtJCkb" style="vertical-align: middle; text-align: right">-11.46%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000067963Member_zOY6oVOxVjFg" style="vertical-align: middle; text-align: right">31.36%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000067963Member_zwn9gIMbVHF7" style="text-align: right">4.13%</td></tr> <tr style="vertical-align: top"> <td style="text-align: left">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000067963Member_z15AYjYf0oya" style="text-align: right">30.93%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2022</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000067963Member_zwYBNZ0w7wL7" style="vertical-align: middle; text-align: right">-8.76%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2023</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000067963Member_z2vINOy8Shl9" style="vertical-align: middle; text-align: right">12.67%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2024</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000067963Member_zyTSY7Kuk6I8" style="vertical-align: middle; text-align: right">14.19%</td></tr> <tr> <td style="vertical-align: top; text-align: left">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000067963Member_zqpKyT8esXyd" style="vertical-align: middle; text-align: right">6.33%</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.74,2017:13.33,2018:-11.46,2019:31.36,2020:4.13,2021:30.93,2022:-8.76,2023:12.67,2024:14.19,2025:6.33)" src="jnlst485bpos151.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.87%; Worst Quarter (ended 3/31/2020): -31.23% 0.1358 0.1302 -0.1168 0.3088 0.0387 0.3053 -0.0901 0.1230 0.1391 0.0601 Best Quarter 2020-06-30 0.1987 Worst Quarter 2020-03-31 -0.3126 0.1374 0.1333 -0.1146 0.3136 0.0413 0.3093 -0.0876 0.1267 0.1419 0.0633 Best Quarter 2020-06-30 0.1987 Worst Quarter 2020-03-31 -0.3123 <div id="xdx_A82_eoef--PerformanceTableTextBlock_z9LCOU3WVgxe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zKCE1pujeAWl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_zgqCuGpjejkd" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zuI73fqc3Y2a" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zLoPdT4iwvyh" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004629Member_z3UnCkc7Y1d4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/MFS Mid Cap Value Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.01</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z6Kfk7XFgCS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadValueIndexMember_zOAv5ZuKEJ9h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.39</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-right: 5.4pt; width: 64%; padding-left: 5.4pt">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_z9l6Z9tqZ4R3" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zx8OekDfEkW9" style="width: 10%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zY4gdwavLSmd" style="width: 10%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067963Member_zuZI1tnQG9yc" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">JNL/MFS Mid Cap Value Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.33</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.33</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zxffNjzeNSuh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadValueIndexMember_zhW0XEOUET09" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Morningstar US Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.39</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0601 0.1000 0.0952 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1339 0.1145 0.1079 0.0633 0.1033 0.0982 0.1721 0.1313 0.1431 0.1339 0.1145 0.1079 JNL/Morningstar SMID Moat Focus Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to track as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® US Small-Mid Cap Moat Focus Index℠. 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. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_ziazxiUJFeXa"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zqYAAgcBv6qj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zCppwPUwBqtj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000248333Member_zJeGjPtsZ4B3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zBRrq1jGxOd5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zIcRMi9Npmuc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zB1xJ556JEn5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.26%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zRujDQXoH08k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or "Adviser").</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000248332Member_zIM1lIKvVy56" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z8hJLdPig9Gk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zbLC4sRtdGv9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zObl7sF94Byh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.26%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zNIIuQYo84Y9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0020 0.0030 0.0026 0.0076 0.0020 0.0000 0.0026 0.0046 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: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_ze5Ev1Rb9y81"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z4eLoYUuou14" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar SMID Moat Focus Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zQvCuJMspGvg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zgKJlFjehF6f" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zydl4l5PZctb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z6jSMusUp8S3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000248333Member_z35QMrJzHHJl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar SMID Moat Focus Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zV7tHjxyylF3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zK2r5Ok86jBi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zO2Yr1irzQh5" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zNJq22bgBU8d" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000248332Member_zPVxdUV01Vs9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$148</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$258</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$579</td></tr> </table> 78 243 422 942 47 148 258 579 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">108</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.08 Principal Investment Strategies. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® US Small-Mid Cap Moat Focus Index℠ (“Index”). The Index is comprised of small- and medium-capitalization companies as defined by Morningstar, Inc. (the "Index provider''), that the Index Provider determines have sustainable competitive advantages based on a proprietary methodology that considers quantitative and qualitative factors ("wide and narrow moat companies"). The quantitative factors used by the Index Provider to identify competitive advantages currently include historical and projected returns on invested capital relative to cost of capital. The qualitative factors used by the Index Provider to identify competitive advantages currently include customer switching cost (i.e., the costs of customers switching to competitors), internal cost advantages, intangible assets (e.g., intellectual property and brands), network effects (i.e., whether products or services become more valuable as the number of customers grows) and efficient scale (i.e., whether the company effectively serves a limited market that potential rivals have little incentive to enter into). Wide moat companies are those that the Index Provider believes will maintain their competitive advantage(s) for at least 20 years. Narrow moat companies are those that the Index Provider believes will maintain their competitive advantage(s) for at least 10 years. Wide and narrow moat companies are selected from the universe of companies represented in the Morningstar® US Small-Mid Cap Index℠ (the "Parent Index"), a broad market index representing small- and medium-capitalization U.S. companies. For purposes of the Parent Index, the Index Provider considers those companies in the bottom 70%-90% of total U.S. market cap to be medium-capitalization companies and those companies in the bottom 90%-97% to be small-capitalization companies. The Index targets a select group of equity securities of wide and narrow moat companies, which are those companies that, according to the Index Provider's equity research team (“Morningstar Research”), are attractively priced based on predefined factors as of each index review. A momentum signal is used to exclude 20% of the wide and narrow moat stocks in the Parent Index with the worst 12-month momentum based on the 12-month total return of each stock. Out of the companies in the Parent Index that Morningstar Research determines are wide or narrow moat companies and display 12-month momentum in the top 80%, Morningstar Research selects companies to be included in the Index as determined by the ratio of the issuer's common stock price to Morningstar Research's estimate of fair value. Morningstar Research 's fair value estimates are calculated using standardized, proprietary valuation models. As of December 31, 2025, the Index included 106 securities of companies with a full market capitalization range of between approximately $4.3 billion and $83 billion and a weighted average full market capitalization of $25.7 billion. These amounts are subject to change. The Index is divided into two sub-portfolios that are reconstituted and rebalanced semi-annually on alternating quarters. Within each sub-portfolio, an equal weight is assigned to all constituents at rebalancing; constituent weights drift due to market movement until the next rebalance when they are reset to an equal weight. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund's use of financial futures is intended to assist in seeking to replicate the investment performance of the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. The Fund will concentrate its investments in an industry or group of industries to the extent the Index that the Fund is designed to track is also concentrated. As of December 31, 2025, the consumer discretionary sector represented a significant portion of the Index. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® US Small-Mid Cap Moat Focus Index℠ (“Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Although, the Fund may, at times, be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. 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. 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. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. 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 broad-based securities market indices and additional indices 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. Consistent with the Fund’s principal investment strategies, the Fund uses the Morningstar® U.S. Small-Mid Cap Index as the Fund’s tertiary benchmark. 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 broad-based securities market indices and additional indices 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zYW2okKhVDbg"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_z4GvutoeUXVf" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_484_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000248333Member_zJu8fEwwA02g" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_412_20250101__20251231_zaffHWf0HBp7"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.23%</td></tr> </table> <img alt="PerformanceBarChartData(2025:6.23)" src="jnlst485bpos152.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.06%; Worst Quarter (ended 3/31/2025): -4.93% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_zK3KYnBubLMa" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000248332Member_zmgnb9E1I2qd" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_417_20250101__20251231_zuyPUK48jpPi"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.59%</td></tr> </table> <img alt="PerformanceBarChartData(2025:6.59)" src="jnlst485bpos153.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 6.14%; Worst Quarter (ended 3/31/2025): -4.82% 0.0623 Best Quarter 2025-06-30 0.0606 Worst Quarter 2025-03-31 -0.0493 0.0659 Best Quarter 2025-06-30 0.0614 Worst Quarter 2025-03-31 -0.0482 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zs3HpHbL3k7h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zmF0W0Cp3Fb9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zKmDVuYHdJ9k" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20240429__20251231_z8UkIP9VKGE7" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (April 29, 2024)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248333Member_zCEQBPYa2Wpk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/Morningstar SMID Moat Focus Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">6.23</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">8.30</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zD9SZHOouBsh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">20.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallMidMoatFocusIndexMember_ztS2DWo5iGP4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small-Mid Moat Focus Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSMIDTRUSDMember_zf32HHy985Dj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US SMID TR USD (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_ziUkJsiBSXL6" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20240429__20251231_zEDPsbEj4Wdb" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 29, 2024)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248332Member_zhcFWTPsuTh4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/Morningstar SMID Moat Focus Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">6.59</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">8.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zhl3Zn01vytg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">20.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallMidMoatFocusIndexMember_zX7fnrur7BUk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small-Mid Moat Focus Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSMIDTRUSDMember_zoA2VEQ9peAf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US SMID TR USD (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2024-04-29 0.0623 0.0830 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.2018 0.0706 0.0950 0.1070 0.1278 2024-04-29 0.0659 0.0864 0.1721 0.2018 0.0706 0.0950 0.1070 0.1278 JNL/Morningstar U.S. Sustainability Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to track the performance of the Morningstar® US Sustainability IndexSM, which is designed to provide broad US equity market exposure with lower environmental, social and governance (“ESG”) risk. 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zDnfHPwQxfu7"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zekoX9yltGil"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_z44c0osm48Yk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000179076Member_zTYzXzeFLiw3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zep5PWrSpZ0g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.25%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zkcuwAgU0ndj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zQoykuCwLJjb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zPjpO44JW4Oc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.71%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000192222Member_zrbTa8rn5pn" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; width: 30%; text-align: center; padding-left: 5.4pt">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z4zXuVrQxmGf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.25%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zYGHPU3qU4Lf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zQdNrpTkQESd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zCVKIbhCmrgc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.41%</td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dp0_zvjoBf3ewGp" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.05%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dp0_zZDGZGC5Ng94" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt">0.36%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0025 0.0030 0.0016 0.0071 0.0025 0.0000 0.0016 0.0041 0.0005 0.0036 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2p8hE4UDGLl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zdrniWSuiYY8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar U.S. Sustainability Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zlMonCc9uHY5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zDFWi7trQgfk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zc0m0rQ594hl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zzlgzuZtemmh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000179076Member_z5B0Y3kMuyvj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$227</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$395</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$883</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar U.S. Sustainability Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zlDKrEBKoRea" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zLQHRHnbreK6" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zpHSIrviJJY3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zw4pb7ajXGCc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192222Member_zqN6kEbxjzph" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$37</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$127</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$225</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$513</td></tr> </table> 73 227 395 883 37 127 225 513 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; text-align: center; padding-left: 5.4pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-right: 5.4pt; width: 68%; padding-left: 5.4pt">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; padding-right: 0pt; width: 16%; text-align: right; padding-left: 0pt">28</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 0pt; width: 16%; padding-left: 0pt">%</td></tr> </table> 0.28 Principal Investment Strategies. The Fund, under normal circumstances, seeks to invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar US Sustainability Index (the “Index”), including depositary receipts representing securities of the Index. The Fund seeks to track the investment results of the Index, which is designed to provide broad U.S. equity market exposure with lower ESG risk. The Index includes large- and mid-capitalization companies and employs a best-in-class stock selection process to reduce exposure to companies with high ESG risk relative to their sector peers, targeting coverage of 50% of the Morningstar US Large-Mid Cap Index (the “parent index”) by float-adjusted market capitalization. Sector constraints are applied to preserve market-like exposure. The Fund’s investments will be concentrated in certain industries to the extent such industries are represented in the Index. As of December 31, 2025, the Index consisted of 295 constituents identified by Morningstar Indexes (the “Index Provider”) and the full market capitalization range was $2.1 billion to $4.5 trillion. The number of constituents in the Index is subject to the selection and eligibility criteria at the time of reconstitution. The Index is reconstituted semi-annually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. If Monday is a holiday, reconstitution or rebalancing is effective on the following business day. The Index Provider defines sustainable investing as an approach that takes into account ESG factors and their impact throughout the investment process. All constituents within the Index must meet the following criteria in sequence: (i) the security must have a current Sustainalytics ESG Risk Rating and Sustainalytics Controversy Score, (ii) the security’s Controversy Score must be 3 out of 5, or lower, (iii) the security must not have a ‘Severe’ Sustainalytics ESG Risk Rating, and (iv) the company must not derive more than 50% of its revenue from tobacco products, not have any involvement in the production of controversial weapons (land mines, for example) as defined by third-party Sustainalytics Global Compact Compliance Service exclusionary lists, not have any involvement in the manufacturing and sale of firearms to civilian customers, and not have any involvement in the manufacturing and sale of key components of small arms. The Index Provider selects the best-in-class companies in priority order of their Sustainalytics ESG Risk Ratings until they reach 50% coverage by float-adjusted market capitalization of the parent index. The companies with the lowest possible ESG Risk Ratings are selected for the Index, subject to sector weight constraints relative to the parent index. Sustainalytics’ ESG Risk Ratings are designed to help investors identify and understand financially material ESG risks in their portfolio companies. Sustainalytics’ ESG Risk Ratings measure the degree to which a company’s economic value is driven by the magnitude of a company’s unmanaged ESG risks. Sustainalytics’ ESG Risk Ratings are composed of three building blocks that contribute to a company’s overall rating. These building blocks include Corporate Governance, material ESG issues (“MEIs”), and idiosyncratic ESG issues. To be considered relevant in the ESG Risk Ratings, an issue must have a potentially substantial impact on the economic value of a company and, hence, its financial risk- and return profile from an investment perspective. The ESG Risk Rating is forward looking in the sense that it identifies these issues based on the typical business model and business environment a company is operating in. The final ESG Risk Rating score is calculated as the sum of all unmanaged risk. To determine unmanaged risk, Sustainalytics reviews three building blocks: Corporate Governance, MEIs’, and idiosyncratic ESG issues. Based on their quantitative scores, companies are grouped into one of five risk categories (negligible, low, medium, high, severe) per the chart below. A low score indicates a low level of ESG risk. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr> <td style="border: Black 1pt solid; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">ESG Risk Rating</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Quantitative Score</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Negligible</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0 - 9.99</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Low</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10 -19.99</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Medium</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">20 - 29.99</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">High</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">30 - 39.99</td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Severe</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">40+</td></tr> </table> Mellon Investments Corporation, the Fund’s sub-adviser (“Sub-Adviser”), does not apply its own ESG screening criteria. The Sub-Adviser relies on the Index Provider to apply its screening criteria to portfolio companies included in the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through full replication or representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon fundamental security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. When attempting to replicate an index such as the Index, portfolio turnover is generally reduced to security additions or deletions to the index, contract owner contributions and withdrawals, and reinvestment income. The Fund stays aligned with the benchmark automatically with the change in share price, due to the close similarity between the holdings of the Index and those of the Fund such that the replicated portfolio does not require rebalancing as a result of market movement. The Fund is managed and rebalanced to reflect the composition of the Index. The Fund may also invest in a combination of exchange-traded funds ("ETFs") and cash to maintain correlation to the Index to assist with the Index rebalances and to meet redemption or purchase requests. The Fund may invest in financial futures, a type of exchange-traded derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund's use of financial futures is intended to assist replicating the investment performance of the Index. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. From time to time, the Index may become diversified. During those times, the Fund will continue to track the performance of the Index, but the Fund will retain its non-diversified status even if its holdings become diversified. The Fund, under normal circumstances, seeks to invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar US Sustainability Index (the “Index”), including depositary receipts representing securities of the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. ESG (Environmental, Social & Governance) investment strategy risk – The Fund’s ESG investment strategy limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Fund’s ESG investment strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, the Index Provider may be unsuccessful in creating an index composed of companies that exhibit positive ESG characteristics. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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 additional indices 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, and 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. Consistent with the Fund’s principal investment strategies, the Fund uses the Morningstar® US Large-Mid Cap Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zsQTu95g3jRb"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A50_zl6j8VsFyhf8" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000179076Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_414_20180101__20181231_zBnHM2Sos8J6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.30%</td></tr> <tr id="xdx_414_20190101__20191231_zIUu6J1lCT3h"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">30.71%</td></tr> <tr id="xdx_416_20200101__20201231_zzls8b2FyS2e" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">20.52%</td></tr> <tr id="xdx_417_20210101__20211231_zPqHlgoMbyr" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.63%</td></tr> <tr id="xdx_412_20220101__20221231_zVVcJQkESRZb" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-19.99%</td></tr> <tr id="xdx_41A_20230101__20231231_z2Iq4oiAaxQa"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">25.91%</td></tr> <tr id="xdx_41E_20240101__20241231_za0hdGBANW8k"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">20.44%</td></tr> <tr id="xdx_416_20250101__20251231_z3qjJS1Xbqoh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.40%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.3,2019:30.71,2020:20.52,2021:30.63,2022:-19.99,2023:25.91,2024:20.44,2025:13.4)" src="jnlst485bpos154.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.40%; Worst Quarter (ended 3/31/2020): -18.35% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_zxT3ZVZt7fki" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192222Member_zDEG3saKZ8Ek" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_z9evRhaGoCBa"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-4.12%</td></tr> <tr id="xdx_41E_20190101__20191231_zGnaos5OL9Pe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.25%</td></tr> <tr id="xdx_410_20200101__20201231_zzHBkHcVtgR3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">20.92%</td></tr> <tr id="xdx_41F_20210101__20211231_zM5yOEkSAnz" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">31.09%</td></tr> <tr id="xdx_41B_20220101__20221231_z7xR7DYEJhM" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-19.71%</td></tr> <tr id="xdx_41D_20230101__20231231_zSE7dAUbDSR2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">26.42%</td></tr> <tr id="xdx_414_20240101__20241231_zCql57hu7vSj"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">20.81%</td></tr> <tr id="xdx_414_20250101__20251231_zCPqPA3khoq8"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.81%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.12,2019:31.25,2020:20.92,2021:31.09,2022:-19.71,2023:26.42,2024:20.81,2025:13.81)" src="jnlst485bpos155.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.54%; Worst Quarter (ended 3/31/2020): -18.25% -0.0430 0.3071 0.2052 0.3063 -0.1999 0.2591 0.2044 0.1340 Best Quarter 2020-06-30 0.2140 Worst Quarter 2020-03-31 -0.1835 -0.0412 0.3125 0.2092 0.3109 -0.1971 0.2642 0.2081 0.1381 Best Quarter 2020-06-30 0.2154 Worst Quarter 2020-03-31 -0.1825 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zCundYUip8O1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zRsIqffveBSb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z1APSMSJJ8V3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_z7zfooK31nu7" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49B_20170424__20251231_znQNAmJaTJ15" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (April 24, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000179076Member_zr5BkKytRC6f" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Morningstar U.S. Sustainability Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">13.40</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">12.44</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">13.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zkrfDHwQYPql" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.96</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSustainabilityIndexMember_zMvVTkzLqe43" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Sustainability Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.12</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapIndexMember_z0trARlKoStj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.86</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zGcvOfWUAX25" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_zIiOpZLik95b" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_497_20170925__20251231_z9caGv8a7n0b" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192222Member_zaNJ0bAn1V58" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Morningstar U.S. Sustainability Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">13.81</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">12.84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">14.06</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zZe5KfIi6pEd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSustainabilityIndexMember_zjdDGRMju1xg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Sustainability Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapIndexMember_zJS1DwmypkVk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.68</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-04-24 0.1340 0.1244 0.1374 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1496 0.1422 0.1294 0.1412 0.1771 0.1371 0.1486 2017-09-25 0.1381 0.1284 0.1406 0.1780 0.1388 0.1476 0.1422 0.1294 0.1393 0.1771 0.1371 0.1468 JNL/Morningstar Wide Moat Index Fund Class A Class I Investment Objective. The investment objective of the Fund is to provide total return by tracking the performance, net of expenses, of the Morningstar® Wide Moat Focus IndexSM. 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zng8b8v8xSLd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zuizwMW01kzd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zTVexG1rHYmf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000202645Member_zEA90SN20uEg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zlGry7MvJTed" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_z9y9YVFUMIZ2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zXcq5QY75a4k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.26%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zRLWEumLxTd6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000202646Member_zfbyuYrkto0b" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zme5CKEWRPdi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.20%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zFNA4S5XHPwa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zed2BrJLSdud" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.26%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zmqHZjNdWJZf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0020 0.0030 0.0026 0.0076 0.0020 0.0000 0.0026 0.0046 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zmZ3ymmt6ya2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2iUvMujqTfj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar Wide Moat Index Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zbhFXmXU3Bw9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zEs83yWXzF2g" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zT6xn6ksEaZd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zCCjA1g5sWa9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000202645Member_zQK6PtsFKgxf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Morningstar Wide Moat Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zYgGoGbIyCZb" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zyz4jnoQ0319" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zyBnKCoyH79i" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z1owj5A8xCG9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000202646Member_zeMbGyJX1vGe" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$148</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$258</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$579</td></tr> </table> 78 243 422 942 47 148 258 579 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.73 Principal Investment Strategies. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® Wide Moat Focus IndexSM (“Index”). The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. The Index is equal weighted and provides exposure to companies with Morningstar Economic Moat Ratings of “Wide” that are trading at the lowest current market price/fair value ratios. Moat ratings and fair value estimates are determined through independent research conducted by the Morningstar Equity Research team (“Morningstar Research”). Wide-moat companies are those in which Morningstar Research has very high confidence that excess returns will remain for 10 years, with excess returns more likely than not to remain for at least 20 years. An economic moat is a structural feature that allows a firm to sustain excess profits over a long period of time. Morningstar Research defines excess profits as returns on invested capital (ROICs), above their estimate of a firm’s cost of capital, or weighted average cost of capital (WACC). Without a moat, profits are more susceptible to competition. Morningstar Research has identified five sources of economic moats: intangible assets, switching costs, network effect, cost advantage, and efficient scale. To assess the sustainability of excess profits, analysts perform ongoing assessments of what Morningstar Research calls the “moat trend.” A firm’s moat trend is positive in cases where Morningstar Research believes its sources of competitive advantage are growing stronger; stable where they do not anticipate changes to competitive advantages over the next several years; or negative when they see signs of deterioration. Morningstar Research uses a standardized, proprietary valuation model to assign fair values to potential Index constituents’ common stock. Morningstar’s equity research team estimates the issuer’s future free cash flows and then calculates an enterprise value using weighted average costs of capital as the discount rate. Morningstar Research then assigns each issuer’s common stock a fair value by adjusting the enterprise value to account for net debt and other adjustments. The Index employs a staggered rebalance methodology and is divided into two sub-portfolios. Each typically contains 40 stocks. However, if securities fall short of the selection and eligibility criteria or if securities are added or deleted as a result of corporate actions after reconstitution, the sub-portfolio can hold more or fewer than 40 companies. In addition, securities that are deleted from the Morningstar® US Market IndexSM after June and December reconstitutions are simultaneously deleted from the Index. One sub-portfolio reconstitutes in December and June, the other in March and September. At each reconstitution, the 40 securities representing the lowest current market price/fair value are selected from the list of eligible securities for the sub-portfolio. A buffer rule is applied to the current Index constituents. Current constituents ranked within the top 150% of the target count in the eligible universe based on current market price/fair value ratio are retained in the Index. The maximum weight of an individual sector in the Index is capped at 10% more than its corresponding weight in the Morningstar® US Market IndexSM at the time of reconstitution, or 40%, whichever is higher. Due to the staggered rebalance methodology, constituents and weightings may vary between sub-portfolios. As a rule, adjustments to one sub-portfolio are performed after the close of business on the third Friday of March and September and adjustments to the other sub-portfolio are performed after the close of business on the third Friday of June and December, and all adjustments are effective on the following Monday. If the Monday is a market holiday, reconstitution and rebalancing occurs on the Tuesday immediately following. In addition to the quarterly staggered reconstitution of sub-portfolio, the sub-portfolios weights are reset to 50% every June and December and distributed among the securities within them in proportion to their weight. The aggregate portfolio can contain between 40 and 80 constituents. The Fund intends to hold the same number of securities as the Index. As of December 31, 2025, the Index included 54 securities of companies with a market capitalization range of between approximately $6.7 billion to $4.5 trillion and a weighted average market capitalization of $265.7 billion. These amounts are subject to change. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund's use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may invest in exchange-traded funds (“ETFs”) to assist with Fund rebalances and to meet redemption or purchase requests. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. Mellon Investments Corporation, the Fund’s sub-adviser (“Sub-Adviser”), uses a “passive” or “indexing” approach to try to achieve the Fund’s investment objective. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund will concentrate its investments in an industry or group of industries to the extent the Index that the Fund is designed to track is also concentrated. The Fund seeks to invest under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the securities in the Morningstar® Wide Moat Focus IndexSM (“Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Effective April 27, 2020, the Fund was combined with the JNL/The London Company Focused U.S. Equity Fund (the "Acquired Fund"), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8C_eoef--BarChartTableTextBlock_z8o732M1P7B9"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_z0YwQKa8JIub" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202645Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20190101__20191231_z5YIrNoQL174" style="vertical-align: top"> <td style="text-align: left">2019</td> <td style="text-align: right">34.64%</td></tr> <tr id="xdx_41D_20200101__20201231_zsMRt52js8Pd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">14.17%</td></tr> <tr id="xdx_412_20210101__20211231_zfdo5eZmBMS2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">23.89%</td></tr> <tr id="xdx_415_20220101__20221231_zrK3vyxQvcd" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-13.80%</td></tr> <tr id="xdx_419_20230101__20231231_zSP6hGe6eTnj"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">31.48%</td></tr> <tr id="xdx_41B_20240101__20241231_zVKnGix3Zdf"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">10.51%</td></tr> <tr id="xdx_41D_20250101__20251231_zSbDpaVrtz3c"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.95%</td></tr> </table> <img alt="PerformanceBarChartData(2019:34.64,2020:14.17,2021:23.89,2022:-13.8,2023:31.48,2024:10.51,2025:12.95)" src="jnlst485bpos156.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.07%; Worst Quarter (ended 3/31/2020): -20.21% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A59_z5QKDGXZSS6h" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000202646Member_zXuy6L8n2TJ" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20190101__20191231_zBWk36dgoj21" style="vertical-align: top"> <td style="text-align: left">2019</td> <td style="text-align: right">35.11%</td></tr> <tr id="xdx_415_20200101__20201231_zq7F99tWIQqj" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">14.47%</td></tr> <tr id="xdx_410_20210101__20211231_ztlQEhoIPSrf" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">24.31%</td></tr> <tr id="xdx_416_20220101__20221231_zCVGLPsovZX1" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-13.52%</td></tr> <tr id="xdx_416_20230101__20231231_zQZ1SrRwk39e"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">31.78%</td></tr> <tr id="xdx_417_20240101__20241231_znNmYgMmTWV2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">10.95%</td></tr> <tr id="xdx_41A_20250101__20251231_zaY2fyOaicS5"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">13.23%</td></tr> </table> <img alt="PerformanceBarChartData(2019:35.11,2020:14.47,2021:24.31,2022:-13.52,2023:31.78,2024:10.95,2025:13.23)" src="jnlst485bpos157.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 19.08%; Worst Quarter (ended 3/31/2020): -20.13% 0.3464 0.1417 0.2389 -0.1380 0.3148 0.1051 0.1295 Best Quarter 2020-06-30 0.1907 Worst Quarter 2020-03-31 -0.2021 0.3511 0.1447 0.2431 -0.1352 0.3178 0.1095 0.1323 Best Quarter 2020-06-30 0.1908 Worst Quarter 2020-03-31 -0.2013 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zxGPlVURJNEi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zPMpsiBaddf3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zEY3Qco35XB9" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_z5pPe1N0ACEf" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20180813__20251231_zrmxRm6wNg5b" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (August 13, 2018)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202645Member_zHL9XJ9egs0d" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Morningstar Wide Moat Index Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">12.95</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">11.88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">13.21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zwgSZMYnQm6c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarWideMoatFocusIndexMember_z8YgEu5aVLm5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Wide Moat Focus Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.06</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zB0rbVhLcLmk" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_z8XfEQ8319hk" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20180813__20251231_zbMpUcifCT1d" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (August 13, 2018)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000202646Member_z5BXAuj1u1zj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Morningstar Wide Moat Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">13.23</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">12.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">13.55</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zT97aZZNs3Ad" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarWideMoatFocusIndexMember_zSpw4mXu8Pad" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Wide Moat Focus Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.71</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.06</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2018-08-13 0.1295 0.1188 0.1321 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1453 0.1380 0.1271 0.1406 2018-08-13 0.1323 0.1222 0.1355 0.1788 0.1442 0.1453 0.1380 0.1271 0.1406 JNL/Neuberger Berman Commodity Strategy Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zEfGoKgmPveh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zDOeih5I1WC4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zQXLDPf9YR0i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000218185Member_z2e6mZPnlej5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zG4PowDuZN02" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.45%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zTknNv2aG75b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zfw0eVw3Lmud" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zXyNopl1iPh9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z17O27dFPPI2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.93%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000218184Member_z50rUGyfywYh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z812FTmFPqF2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.45%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_znlFyT8tITJ8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zQaaGRYwUL12" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_z8buq5vue2Ok" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.03%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z1VPG3CXi4wa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.63%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0045 0.0030 0.0015 0.0003 0.0093 0.0045 0.0000 0.0015 0.0003 0.0063 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 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zr2j6V6KXJJ"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zMzPQhbzI1X4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Commodity Strategy Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zJYl4r4apYaa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zNvzg2ci4ytc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z5ni1QLxzWOd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zS6a6MuDmz8h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218185Member_zHuO7z8T9Tv" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$515</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,143</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Commodity Strategy Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zHOfAFlXqkej" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z6RZHM6OXkta" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z43bRcCFdc6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zpzp6svAVnzc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000218184Member_zL7KM2Q8sDL5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$64</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$202</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$351</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$786</td></tr> </table> 95 296 515 1143 64 202 351 786 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.73 Principal Investment Strategies. The Fund seeks to achieve its goal by investing under normal circumstances in commodity-linked derivative instruments and fixed-income instruments. Commodities are assets that have tangible properties, such as oil, natural gas, agricultural products or metals. The Fund seeks to gain long and short exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments. The performance of these commodity-linked derivative instruments is expected to correspond to the performance of the commodity underlying the derivative instrument, without requiring the Fund to invest directly in commodities. Companies with similar characteristics may be grouped together in broad categories called sectors. 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. Fund assets not invested in commodity-linked derivative instruments will be invested in fixed income securities, cash or cash equivalent instruments, or money market mutual funds. The Fund may hold commodity-linked derivative instruments that provide leveraged exposure to commodities so that the Fund’s investment exposure to commodities (through their use of commodity-linked derivative instruments) may, at times, equal or slightly exceed the Fund’s net assets. In managing the Fund’s commodity investments, the Fund’s sub-adviser, Neuberger Berman Investment Advisers LLC (the “Sub-Adviser”) seeks to identify investment opportunities using quantitative investment models and fundamental analyses with an emphasis on risk management in an attempt to take advantage of both short-term and long-term opportunities in commodity markets. By managing a broadly diversified portfolio of commodity investments with an active investment approach, the Sub-Adviser seeks to provide returns that are not highly correlated with other major asset classes. The Fund may take short positions in one or more separate commodities. The short positions used by the Fund primarily involve buying a derivative on a commodity in anticipation that the price of the commodity will decline. The Sub-Adviser will use various quantitative models employing strategies intended to identify investment opportunities and determine portfolio weightings in different commodity sectors and markets. These strategies include: (i) a risk-balancing strategy that considers the total portfolio risk the Sub-Adviser believes to be associated with each commodity; (ii) a strategy that endeavors to assess top down macro variables among various commodity sectors (such as, energy, industrial, metals, including industrial metals, precious metals, and strategic metals (e.g. uranium), agricultural, livestock and softs (e.g., sugar, cotton, cocoa and coffee)); and/or (iii) a strategy that endeavors to assess the outlook for individual commodities within each commodity sector. From time to time, the Fund’s investment program may emphasize a particular sector of the commodities markets. If the Fund emphasizes one or more sectors, the performance of investments in the Fund will likely be affected by events affecting the performance of those sectors. The Fund’s fixed income investments will be mainly in investment grade fixed income securities and are intended to provide liquidity and preserve capital and may serve as collateral for the Fund’s derivative instruments. These may include fixed income securities issued by the U.S. Government and its agencies and instrumentalities, bank certificates of deposit, mortgage backed securities, asset-backed securities, and corporate securities. The Fund considers fixed income securities to be investment grade if, at the time of investment, they are rated within the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Sub-Adviser to be of comparable quality. The Fund may invest in cash or cash equivalent instruments. Because the Fund will use derivatives to gain exposure to commodities and because derivatives may not require the Fund to deposit the full notional amount of the investment, the Fund may invest a significant amount of its assets in money market mutual funds or other fixed income instruments, as described above. The Fund’s use of commodity-linked derivative instruments to obtain long and short exposure to the commodity markets may result in leverage, which amplifies the risks that are associated with the commodities underlying the derivative instruments. The Fund’s aggregate investment exposure, as measured on a notional basis, may be greater than 100% of the Fund’s total assets from time to time. Although the Fund invests primarily in domestic securities and other instruments, it may also invest in foreign securities and other foreign instruments which may be denominated in any currency. In an effort to achieve its goal, the Fund may engage in active and frequent trading. The Fund seeks to achieve its goal by investing under normal circumstances in commodity-linked derivative instruments and fixed-income instruments. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Clearance and settlement risk – Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems. Commodities regulatory risk – Commodity-related operating companies typically are subject to significant foreign, federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. The U.S. Commodity Futures Trading Commission (“CFTC”) and the exchanges on which futures contracts and related options are traded are authorized to take extraordinary actions in the event of a market emergency, including, for example, establishing daily limits and suspending trading. In addition, compliance with certain CFTC requirements may increase the Fund’s expenses. Future regulatory developments may impact the Fund’s ability to invest in commodity-linked derivatives. Commodity risk – Commodity prices can be extremely volatile and may be directly or indirectly affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels). Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. 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 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. 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. 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 Fund's 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. Market direction risk – Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Fund’s results could suffer when there is a general market advance and the Fund holds significant “short” positions, or when there is a general market decline and the Fund holds significant “long” positions. The markets may have considerable volatility from day to day and even in intra-day trading. 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. Model risk – The Sub-Adviser relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments. The Fund bears the risk that the proprietary quantitative models used by the portfolio managers will not be successful in identifying securities that will help the Fund achieve its investment objectives, which may cause the Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. The performance data includes the performance of the JNL/Neuberger Berman Commodity Strategy Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund's registration statement became effective. 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zUUZQFJWArac"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_zbNGQYCRaJkj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218185Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41B_20160101__20161231_zA4qPiQM8XVi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.81%</td></tr> <tr id="xdx_413_20170101__20171231_zPUuZ1tjZIkh"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">6.47%</td></tr> <tr id="xdx_419_20180101__20181231_zCQCGOllTpog"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-10.56%</td></tr> <tr id="xdx_418_20190101__20191231_zdxtCerSXPD"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">12.09%</td></tr> <tr id="xdx_414_20200101__20201231_ztU9iYB1FQ44" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.63%</td></tr> <tr id="xdx_413_20210101__20211231_z047Oex08Wfk" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">29.76%</td></tr> <tr id="xdx_41D_20220101__20221231_z2Kz5WlfTyG8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">21.55%</td></tr> <tr id="xdx_410_20230101__20231231_zj1qYKChTzIg"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-5.73%</td></tr> <tr id="xdx_41B_20240101__20241231_zuiuqN4AVfn2"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.27%</td></tr> <tr id="xdx_419_20250101__20251231_zNM1S5GWKpAg"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">17.58%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.81,2017:6.47,2018:-10.56,2019:12.09,2020:-3.63,2021:29.76,2022:21.55,2023:-5.73,2024:6.27,2025:17.58)" src="jnlst485bpos158.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2022): 25.83%; Worst Quarter (ended 3/31/2020): -29.31% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_zwRWs0OQPpwj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218184Member_zO0rK2QobHe4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41A_20180101__20181231_zzJMrzHsimM4"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-10.22%</td></tr> <tr id="xdx_418_20190101__20191231_zHdL6Fo945pa"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">12.48%</td></tr> <tr id="xdx_415_20200101__20201231_zlYHH4iQlpol" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">-3.62%</td></tr> <tr id="xdx_41A_20210101__20211231_zfl1iFN7Rle9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.23%</td></tr> <tr id="xdx_413_20220101__20221231_zGZy5WOKH7Qh" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">21.99%</td></tr> <tr id="xdx_416_20230101__20231231_zYGAx6AoPcpf"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">-5.50%</td></tr> <tr id="xdx_41E_20240101__20241231_z9J1HfKyKzUk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">6.69%</td></tr> <tr id="xdx_419_20250101__20251231_ziVP3zHXqLB"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.05%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-10.22,2019:12.48,2020:-3.62,2021:30.23,2022:21.99,2023:-5.5,2024:6.69,2025:18.05)" src="jnlst485bpos159.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2022): 25.96%; Worst Quarter (ended 3/31/2020): -29.23% 0.1181 0.0647 -0.1056 0.1209 -0.0363 0.2976 0.2155 -0.0573 0.0627 0.1758 Best Quarter 2022-03-31 0.2583 Worst Quarter 2020-03-31 -0.2931 -0.1022 0.1248 -0.0362 0.3023 0.2199 -0.0550 0.0669 0.1805 Best Quarter 2022-03-31 0.2596 Worst Quarter 2020-03-31 -0.2923 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zXw2FfyYjpC"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zyACjslUvoy2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z8pmyq04nVee" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_znzkVKba3gq1" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_z6fVHIrDp2P6" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218185Member_zHsVioScemCh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Neuberger Berman Commodity Strategy Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">17.58</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zl2IVqIBVtP4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergCommodityIndexMember_zVrVaHgkem1f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Commodity Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.77</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.64</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.73</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z7XtcyoqZF8d" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_zsMXJU3nuQea" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_491_20170925__20251231_zgSfBRJqi7n1" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218184Member_zyifaOWw6fN" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Neuberger Berman Commodity Strategy Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">18.05</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">13.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.32</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zny9HG0Dcxea" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergCommodityIndexMember_zeTGHJx5LYSj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Commodity Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.77</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.64</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1758 0.1319 0.0789 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1577 0.1064 0.0573 2017-09-25 0.1805 0.1359 0.0832 0.2223 0.1120 0.1115 0.1577 0.1064 0.0585 JNL/Neuberger Berman Gold Plus Strategy Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek 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. <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zqpyiUgQOQB5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zUJKwSyZdUK7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zYyygKQiqnFa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000234523Member_zXDY7NbaeJu9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zJvIexl74qr9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.65%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dp0_zZItDONizmj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z4unhunO38W5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zfTqRltfbMX5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.04%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zpvxGZvdPhvl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.14%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000234522Member_zIctNYDSyZRi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_z8xVte6ssVI1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.65%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zeB2DHkddMx6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zb48Wde56Dl4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.15%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zgdxQGx7Kbu5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.04%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zQXNgDvotHu9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.84%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0065 0.0030 0.0015 0.0004 0.0114 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 information has been restated to reflect current fees. 0.0065 0.0000 0.0015 0.0004 0.0084 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvMc1RuLqmJ6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zsKbO41wniS6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Gold Plus Strategy Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zzYXzDVUk5c5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z2H6mb70Wfja" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zV4GfM1TRfjg" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zmKBe5HLX0Jg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000234523Member_z5sCHQnuXL63" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$116</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$628</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,386</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Gold Plus Strategy Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_ztks6Z7mlLQg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zqHGgHi5cdyh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zAUVHCQj4d81" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zC3t1LA9XUOh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000234522Member_zTJYQ4m6BN2f" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$86</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$268</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$466</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,037</td></tr> </table> 116 362 628 1386 86 268 466 1037 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.66 Principal Investment Strategies. Under normal conditions, the Fund will primarily invest in gold futures contracts that provide investment exposure to gold and in fixed-income instruments. The Fund may also invest in exchange-traded funds (“ETFs”) that provide investment exposure to physical gold. The Fund concentrates its investments in the metals and mining industry and therefore invests 25% or more of its total assets in such industry. The Fund may also invest in derivatives and ETFs that provide investment exposure to precious metals, including, but not limited to, silver, platinum, and palladium. Because gold is a commodity, the Fund seeks to gain long exposure to the commodity markets by investing, directly or indirectly, in futures contracts on individual commodities and other commodity-linked derivative instruments. The performance of these commodity-linked derivative instruments is expected to correspond to the performance of the commodity underlying the derivative instrument, without requiring the Fund to invest directly in commodities. For purposes of calculating the Fund’s exposure to gold, the Fund’s investments in gold futures contracts are based on the notional value. Fund assets not invested in commodity-linked derivative instruments, other commodity-related instruments, or exchange-traded funds that provide investment exposure to commodities will be invested in fixed income securities, cash or cash equivalent instruments, or money market mutual funds. The Fund may hold commodity-linked derivative instruments that provide leveraged exposure to commodities so that the Fund’s investment exposure to commodities (through their use of commodity-linked derivative instruments) may, at times, equal or slightly exceed the Fund’s net assets. In managing the Fund’s commodity investments, the Fund’s sub-adviser, Neuberger Berman Investment Advisers LLC (the “Sub-Adviser”) primarily seeks exposure to the gold commodity. The Sub-Adviser will also incorporate a marginal mix of investments with exposures to precious metal commodities and bitcoin futures to seek to diversify the Fund’s investment exposure. To gain exposure to gold and other precious metals commodities, the Fund will invest in futures contracts that are typically within 1 year to expiration. To gain exposure to bitcoin, the Fund may invest in cash-settled bitcoin futures contracts traded on the Chicago Mercantile Exchange (“CME”) that are typically within 1 year to expiration. The Fund may also invest in physical bitcoin exchange-traded funds (“ETFs”) to gain exposure to bitcoin. The Fund will not directly invest in bitcoin or other cryptocurrencies, but may invest in bitcoin through ETFs as described in this paragraph. The Fund may invest up to 5% of its total assets in assets linked to bitcoin, which are either physical bitcoin ETFs or cash-settled bitcoin futures traded on the CME, which is a futures exchange registered with the Commodity Futures Trading Commission (“CFTC”). Bitcoin is a digital currency, which is a means of payment that exists in a purely electronic form and is accounted for and transferred using online systems. Due to market appreciation or other fluctuations in the Fund’s net asset level, the Fund’s investments in cash-settled bitcoin futures traded on the CME as well as physical bitcoin ETFs may be rebalanced on a monthly basis. The Fund’s fixed income investments will be mainly in investment grade fixed income securities and are intended to provide liquidity and limit downside risk to capital and may serve as collateral for the Fund’s derivative instruments. These may include fixed income securities issued by the U.S. Government and its agencies and instrumentalities, bank certificates of deposit, mortgage-backed securities, asset-backed securities, and corporate securities. The Fund considers fixed income securities to be investment grade if, at the time of investment, they are rated within the four highest categories by at least one independent credit rating agency or, if unrated, are determined by the Sub-Adviser to be of comparable quality. The Fund may invest in cash or cash equivalent instruments. Because the Fund will use derivatives to gain exposure to gold and other precious metals, as well as cash-settled bitcoin futures traded on the CME, and because derivatives may not require the Fund to deposit the full notional amount of the investment, the Fund may invest a significant amount of its assets in money market mutual funds or other fixed income instruments, as described above. The Fund’s use of commodity-linked derivative instruments to obtain long exposure to the commodity markets may result in leverage, which amplifies the risks that are associated with the commodities underlying the derivative instruments. The Fund’s aggregate investment exposure, as measured on a notional basis, may be greater than 100% of the Fund’s total assets from time to time. Although the Fund invests primarily in domestic securities and other instruments, it may also invest in foreign securities and other instruments. In an effort to achieve its goal, the Fund may engage in active and frequent trading. Under normal conditions, the Fund will primarily invest in gold futures contracts that provide investment exposure to gold and in fixed-income instruments. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Bitcoin futures risk – The bitcoin futures contracts the Fund may invest in are traded on a futures exchange registered with the Commodity Futures Trading Commission. Bitcoin futures expose the Fund to all of the risks related to cryptocurrency discussed under “Cryptocurrency risk” below and also expose the Fund to risks specific to bitcoin futures.The market for bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets given that the bitcoin futures market is relatively new. In addition, the Chicago Mercantile Exchange (“CME”), the exchange on which bitcoin futures are traded, and its related clearinghouses and the Fund’s futures commission merchants (“FCMs”) generally require the Fund to maintain relatively high levels of initial margin at the clearinghouse and FCM in connection with bitcoin futures. Bitcoin futures are subject to collateral requirements and daily limits that may limit the Fund’s ability to achieve the desired exposure.In addition, bitcoin futures have generally exhibited significant price volatility relative to traditional asset classes. Bitcoin futures may also experience significant price volatility as a result of being the target of market fraud and manipulation. Futures contracts based on bitcoin are also subject to the risks otherwise applicable to derivatives and, in particular, futures contracts, discussed below. Bitcoin futures capacity risk – If the Fund’s ability to obtain exposure to bitcoin futures contracts consistent with its investment objective is disrupted for any reason including, for example, limited liquidity in the bitcoin futures market, a disruption to the bitcoin futures market, or as a result of margin requirements or position limits imposed by the Fund’s futures commission merchants (“FCMs”), the Chicago Mercantile Exchange ("CME"), or the U.S. Commodity Futures Trading Commission ("CFTC"), the Fund may not be able to achieve its investment objective and may experience significant losses. In addition, future regulatory changes involving buying and selling bitcoin futures may limit the ability of the Fund to achieve its investment objective. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Commodities regulatory risk – Commodity-related operating companies typically are subject to significant foreign, federal, state and local government regulation in virtually every aspect of their operations, including how facilities are constructed, maintained and operated, environmental and safety controls, and the prices they may charge for the products and services they provide. The U.S. Commodity Futures Trading Commission (“CFTC”) and the exchanges on which futures contracts and related options are traded are authorized to take extraordinary actions in the event of a market emergency, including, for example, establishing daily limits and suspending trading. In addition, compliance with certain CFTC requirements may increase the Fund’s expenses. Future regulatory developments may impact the Fund’s ability to invest in commodity-linked derivatives. Commodity risk – Commodity prices can be extremely volatile and may be directly or indirectly affected by many factors, including changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, war, and factors affecting a particular industry or commodity, such as drought, floods, or other weather conditions, livestock disease, trade embargoes, competition from substitute products, transportation bottlenecks or shortages, insufficient storage capacity, fluctuations in supply and demand, tariffs, and international regulatory, political, and economic developments (e.g., regime changes and changes in economic activity levels). Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. Concentration risk – The Fund may concentrate its investments in certain securities, including commodity-linked derivative instruments. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Cryptocurrency risk – Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Although cryptocurrency is an emerging asset class, there are thousands of cryptocurrencies, the most well-known of which is bitcoin. Cryptocurrency is a newer technological innovation with limited history; it is highly speculative and future regulatory actions or policies may significantly affect the price of cryptocurrencies, and thus the value of the Fund’s bitcoin futures contracts or physical bitcoin exchange-traded funds (“ETFs”). The growth of cryptocurrency markets and the acceptance of bitcoin as a digital currency is subject to significant uncertainty, and to the extent the pace of this growth slows or reverses, the price of bitcoin and the Fund’s bitcoin futures contracts or physical bitcoin ETFs may decline.The value of cryptocurrencies is normally determined by the supply and demand for cryptocurrency in the global market for the trading of cryptocurrency, which consists primarily of transactions on electronic exchanges. The market price of bitcoin has been subject to extreme fluctuations, and may be highly volatile. If cryptocurrency markets continue to be subject to sharp fluctuations, the Fund’s exposure to bitcoin futures contracts or physical bitcoin ETFs could result in substantial losses to the Fund. Cryptocurrency generally operates without central authority (such as a bank), and the value is generally not backed by any government, corporation, or other identified body. Cryptocurrency is not legal tender; Federal, state and/or foreign governments may restrict the use and exchange of cryptocurrency, which could severely affect the value of any holdings. Regulation of cryptocurrencies in the United States is still developing and is subject to significant uncertainty. The treatment of cryptocurrency for U.S. federal, state and local income tax purposes is also uncertain. Similar to fiat currencies (i.e., a currency that is backed by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies are susceptible to theft, loss and destruction.Cryptocurrency exchanges and other trading venues on which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may therefore be more exposed to fraud and failure than established, regulated exchanges for securities, derivatives and other currencies. Cryptocurrency exchanges are also subject to cyber security risks. Cryptocurrency exchanges have experienced cyber security breaches in the past and may be breached in the future, which could result in the theft and/or loss of bitcoin and other cryptocurrencies and impact the value of bitcoin, bitcoin futures and physical bitcoin ETFs. The Fund’s investment exposure to bitcoin through bitcoin futures contracts or physical bitcoin ETFs remains subject to volatility experienced by the cryptocurrency exchanges and other cryptocurrency trading venues. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware, which may also affect the price of bitcoin and thus the Fund’s investment exposure to bitcoin. Bitcoin ETF risk – Investments in bitcoin ETFs are subject to the risks identified in Cryptocurrency risk and Exchange-traded funds investing risk described herein. The values of bitcoin ETFs are subject to change as the values of the bitcoin ETFs’ component assets (i.e., bitcoin or bitcoin futures contracts) fluctuate due to market volatility. Bitcoin ETFs may trade in the secondary market at a premium to or discount from their net asset values, and the Fund may purchase or sell shares of bitcoin ETFs at prices above or below such net asset values. Because the market price of ETF shares depends in part on the demand in the market for the shares, as well as on the value of the ETF’s component assets, and because the market price of ETF shares is subject to tracking error, the market price of a bitcoin ETF may be more volatile than the underlying bitcoin or bitcoin futures contracts in which the bitcoin ETF invests. In addition, there is no guarantee that an active trading market for bitcoin ETFs will exist at any time and the Fund may not be able to liquidate bitcoin ETF holdings at the time or price desired, which may adversely impact Fund performance. Furthermore, there may be times when the exchange halts trading, in which case the Fund would be unable to sell them until trading is resumed. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. 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. 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 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. 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. 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. 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. Model risk – The Sub-Adviser relies heavily on quantitative models and information and data supplied or made available by third parties ("Models and Data"). Models and Data are used to construct sets of transactions and investments, to provide risk management insights, and to assist in hedging the Fund's investments. The Fund bears the risk that the proprietary quantitative models used by the portfolio managers will not be successful in identifying securities that will help the Fund achieve its investment objectives, which may cause the Fund to underperform its benchmark or other funds with a similar investment objective. When Models and Data prove to be incorrect or incomplete, including because data is stale, missing or unavailable, any decisions made in reliance thereon expose the Fund to potential risks. Similarly, any hedging based on faulty Models and Data may prove to be unsuccessful. Some of the models used by the Sub-Adviser for the Fund are predictive in nature. The use of predictive models has inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend on the accuracy and reliability of the supplied historical data. All models rely on correct data inputs. If incorrect data is entered into even a well-founded model, the resulting information will be incorrect. However, even if data is inputted correctly, "model prices" will often differ substantially from market prices, especially for instruments with complex characteristics, such as derivative instruments. The Fund is unlikely to be successful unless the assumptions underlying the models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that profitable trading signals will not be generated, and major losses may result. The Sub-Adviser, in its sole discretion, will continue to test, evaluate and add new models, which may result in the modification of existing models from time to time. There can be no assurance that model modifications will enable the Fund to achieve its investment objective. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Precious metals-related securities risk – Prices of precious metals and of precious metals-related securities historically have been very volatile. The high volatility of precious metal prices may adversely affect the financial condition of companies involved with precious metals. The production and sale of precious metals by governments or central banks or other larger holders can be affected by various economic, financial, social and political factors, which may be unpredictable and may have a significant impact on the prices of precious metals. Other factors that may affect the prices of precious metals and securities related to them include changes in inflation, the outlook for inflation and changes in industrial and commercial demand for precious metals. 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. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. 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. 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. <div id="xdx_A83_eoef--BarChartTableTextBlock_zEzYToTbKW78"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_zzNcvwCdQ5dl" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000234523Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20230101__20231231_zvNRDZBg6PC"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.02%</td></tr> <tr id="xdx_418_20240101__20241231_zP1hwd7Vnja6"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">24.86%</td></tr> <tr id="xdx_418_20250101__20251231_zXWmiaHLynbe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">62.62%</td></tr> </table> <img alt="PerformanceBarChartData(2023:13.02,2024:24.86,2025:62.62)" src="jnlst485bpos160.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2025): 16.86%; Worst Quarter (ended 9/30/2023): -4.10% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A55_za91pbXWZnOc" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000234522Member_zxJuiY0GPgYi" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41F_20230101__20231231_zOoQwtfLSqi2"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.30%</td></tr> <tr id="xdx_418_20240101__20241231_zx95IHmAOcp"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">25.19%</td></tr> <tr id="xdx_41A_20250101__20251231_zghI1jwnJSTh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">63.16%</td></tr> </table> <img alt="PerformanceBarChartData(2023:13.3,2024:25.19,2025:63.16)" src="jnlst485bpos161.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2025): 16.94%; Worst Quarter (ended 9/30/2023): -3.98% 0.1302 0.2486 0.6262 Best Quarter 2025-03-31 0.1686 Worst Quarter 2023-09-30 -0.0410 0.1330 0.2519 0.6316 Best Quarter 2025-03-31 0.1694 Worst Quarter 2023-09-30 -0.0398 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zL8mBp9fbnm1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zfbHxxfxdg3d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zx0c4k6E9ZXd" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_499_20220425__20251231_zsid7suiNdrd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (April 25, 2022)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234523Member_zHaUyDY9bZW1" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/Neuberger Berman Gold Plus Strategy Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">62.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">22.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zJ6KFVz2Teu6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGoldSubindexMember_zVuF99vTw45a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">62.46</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zF4eDzxQQT7d" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_499_20220425__20251231_zKuUuwPZ1jAe" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 25, 2022)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000234522Member_zjzbSEARig2k" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/Neuberger Berman Gold Plus Strategy Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">63.16</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">23.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zGt6gF8iIv9b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergGoldSubindexMember_zw4MxFmaIfw" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg Gold Subindex (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">62.46</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">23.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2022-04-25 0.6262 0.2279 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1359 0.6246 0.2357 2022-04-25 0.6316 0.2318 0.2223 0.1359 0.6246 0.2357 JNL/Neuberger Berman Strategic Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek high current income with a secondary objective of long-term capital appreciation. 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zlp4GsMGT2P1"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zQzsh8kCEeDf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zEfZRErvCCh3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000111249Member_z8NJCvEJAJ16" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zoguKsuymWM6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.47%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zVJbDTWYPIoe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zQK4QtlBWSl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.17%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zShKzNDwf9s6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_z71Cxm3VLgNe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000111250Member_zhtOiQywNoN4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zlqKGLzQe1gc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.47%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zuc9ggdunJWf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z4lbeh2MPL5f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.17%</td></tr> <tr id="xdx_40F_eoef--AcquiredFundFeesAndExpensesOverAssets_dp0_zboklQxIgR5b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zWLlKtQnIVTf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0047 0.0030 0.0017 0.0001 0.0095 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. 0.0047 0.0000 0.0017 0.0001 0.0065 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVyblXPscAV2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zSzg6EWh2qg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Strategic Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z5DdOHDyWjJ9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z04QSyKSQ328" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zTHrHUudz7Li" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zIwoGhFxfcQe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000111249Member_zHfH3LfaHoV3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$303</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$525</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,166</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Neuberger Berman Strategic Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zjGwefwM5bHg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zQCxLcAGhMkc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDt7lkv4FGka" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zfP6hwV13Nv6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000111250Member_zgi55oxL5KFi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> 97 303 525 1166 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">89</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.89 Principal Investment Strategies. To pursue its investment objective, the Fund invests primarily in a diversified mix of fixed rate and floating rate debt securities. The Fund’s investments may include securities issued by domestic and foreign governments, corporate entities, and trust structures. The Fund may invest in a broad array of securities, including: securities issued or guaranteed as to principal or interest by the U.S. Government or any of its agencies or instrumentalities; corporate bonds; commercial paper; currencies and non-U.S. securities; mortgage-backed securities and other asset-backed securities; and loans. Securities in which the Fund may invest may be structured as fixed rate debt; floating rate debt; and debt that may not pay interest at the time of issuance. While the Fund may invest in debt securities across the credit spectrum, including investment grade securities, below investment grade securities (“high yield bonds,” commonly called “junk bonds”) and unrated securities, under normal market conditions the Fund seeks to maintain a portfolio with an average credit quality of investment grade. The Fund may invest without limit in below investment grade securities. The Fund considers debt securities to be below investment grade if, at the time of investment, they are rated below the four highest categories by at least one independent credit rating agency or, if unrated, are deemed by Neuberger Berman Investment Advisers LLC, the Fund's sub-adviser (“Sub-Adviser”) to be of comparable quality. The Fund does not normally invest in or continue to hold securities that are in default or have defaulted with respect to the payment of interest or repayment of principal, but may do so depending on market conditions. The Fund may invest in securities whose ratings imply an imminent risk of default with respect to such payments. The Fund may also invest without limit in derivative instruments as a means of hedging risk and/or for investment purposes, which may include altering the Fund’s exposure to interest rates, sectors and individual issuers. These derivative instruments may include, but are not limited to, futures, including commodity futures, forward foreign currency contracts, and swaps, such as total return swaps, credit default swaps and interest rate swaps. The Fund may also invest without limit in foreign securities, but normally will not invest more than 50% of its total assets at the time of investment in obligations of issuers in emerging market countries. The Fund considers emerging market countries to be countries included in the JPMorgan Emerging Markets Bond Index - Global Diversified, the JPMorgan Corporate Emerging Markets Bond Index - Diversified, the JPMorgan Emerging Local Markets Index or the JPMorgan Government Bond Index - Emerging Markets Global Diversified, as well as those countries which are not defined as a High Income Organization for Economic Cooperation and Development (OECD) member country by the World Bank. Additionally, the Fund may invest in tender option bonds (which include inverse floaters created as part of tender option bond transactions), convertible securities, restricted securities, and preferred securities. The Fund may also engage in when-issued and forward-settling securities (such as to-be-announced (“TBA”) mortgage-backed securities), which involve a commitment by the Fund to purchase securities that will be issued or settled at a later date. The Fund may enter into a TBA agreement and “roll over” such agreement prior to the settlement date by selling the obligation to purchase the securities set forth in the agreement and entering into a new TBA agreement for future delivery of pools of mortgage-backed securities. The Fund may also hold short-term securities including cash equivalents and other debt obligations. The Fund may invest in debt securities of any maturity and while the Fund does not have a target average duration, under normal market conditions the Sub-Adviser anticipates that the Fund’s average duration will be between two and eight years. In an effort to achieve its investment objective, the Fund may engage in active and frequent trading. The Fund has the ability to invest in other investment companies, such as exchange-traded funds, money market funds, unit investment trusts, and open-end and closed-end funds, including affiliated investment companies. To pursue its investment objective, the Fund invests primarily in a diversified mix of fixed rate and floating rate debt securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency transaction risk – Non-U.S. currency forward contracts, options, swaps, or other derivatives contracts on non-U.S. currencies involve a risk of loss if currency exchange rates move against the Fund. Forward contracts may not be guaranteed by an exchange or clearinghouse and a default by the counterparty may result in a loss to the Fund. Governmental authorities may impose credit controls to limit the level of forward trading to the detriment of the Fund. Neither the U.S. Commodity Futures Trading Commission nor the U.S. banking authorities regulate forward currency transactions through banks. In respect of such trading, the Fund is subject to the risk of bank failure or the inability of or refusal by a bank to perform with respect to such contracts. 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. 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. Distressed securities risk – Distressed securities risk refers to the uncertainty of repayment of defaulted securities and obligations of distressed issuers. Because the issuer of such securities is likely to be in a distressed financial condition, repayment of distressed or defaulted securities (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. Insolvency laws and practices in foreign jurisdictions are different than those in the U.S. and the effect of these laws and practices may be less favorable and predictable than in the U.S. Investments in defaulted securities and obligations of distressed issuers are considered highly speculative. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. Private placement and other restricted securities risk – Private placements and other restricted securities, including securities for which Fund management has material non-public information, are securities that are subject to legal and/or contractual restrictions on their sales. These securities may not be sold to the public unless certain conditions are met, which may include registration under the applicable securities laws. As a result of the absence of a public trading market, the prices of these securities may be more difficult to determine than publicly traded securities and these securities may involve heightened risk as compared to investments in securities of publicly traded companies. Private placements and other restricted securities may be illiquid, and it frequently can be difficult to sell them at a time when it may otherwise be desirable to do so or the Fund may be able to sell them only at prices that are less than what the Fund regards as their fair market value. Transaction costs may be higher for these securities. In addition, the Fund may get only limited information about the issuer of a private placement or other restricted security. Restricted securities risk – Restricted securities are subject to legal restrictions on their sale and may not be sold to the public without an effective registration statement. Before they are registered, such securities may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. Restricted securities may be illiquid. The Fund may be unable to sell them on short notice or may be able to sell them only at a price below current value. Also, the Fund may get only limited information about the issuer of a restricted security, so it may be less able to predict a loss. In addition, if Fund management receives certain material nonpublic information about the issuer, the Fund may be unable to sell the securities in accordance with laws and regulations prohibiting insider trading. 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. 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. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. Structured investments risk – A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities. Tender option bonds and related securities risk – The Fund’s use of tender option bonds may reduce the Fund’s return and/or increase volatility. Tender option bonds are created when municipal bonds are deposited into a trust or other special purpose vehicle, which issues two classes of certificates with varying economic interests. Holders of floating rate certificates receive tax-exempt interest based on short-term rates and may tender the certificates to the trust at face value. Holders of residual income certificates (“inverse floaters”) receive tax-exempt interest at a rate based on the difference between the interest rate earned on the underlying bonds and the interest paid to floating rate certificate holders, and bear the risk that the underlying bonds decline in value. Investments in tender option bonds expose the Fund to counterparty risk and leverage risk. An investment in tender option bonds typically will involve greater risk than an investment in a municipal fixed rate security, including greater risk of loss of principal. Certain tender option bonds may be illiquid. A trust may be terminated if, for example, the issuer of the underlying bond defaults on interest payments or the credit rating assigned to the issuer of the underlying bond is downgraded. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. When-issued and delayed delivery securities and forward commitments risk – When-issued, delayed delivery securities and forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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 28, 2025, the Fund was combined with the JNL/Western Asset Global Multi-Sector Bond Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. Effective April 27, 2026, the Fund was combined with JNL/American Funds Capital World Bond Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8C_eoef--BarChartTableTextBlock_zzrfJf9W3584"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A57_zfWMNU9JBvd2" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000111249Member_zIQLdYiIgq7h" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41C_20160101__20161231_zeTcKTQ5J9gb"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.81%</td></tr> <tr id="xdx_411_20170101__20171231_zc6fxWq2qo3f"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">6.77%</td></tr> <tr id="xdx_413_20180101__20181231_zlERGJXKnpj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.54%</td></tr> <tr id="xdx_416_20190101__20191231_zKdYkfJbZmN3"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.35%</td></tr> <tr id="xdx_419_20200101__20201231_zfDs3lwZykb8" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.01%</td></tr> <tr id="xdx_41F_20210101__20211231_zhQHD9HTD3h1" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">2.65%</td></tr> <tr id="xdx_411_20220101__20221231_zs5ykcNTTeL5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-10.82%</td></tr> <tr id="xdx_41E_20230101__20231231_z6dOWufLIiih"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">9.78%</td></tr> <tr id="xdx_413_20240101__20241231_zOSnSmHG4ndd"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.53%</td></tr> <tr id="xdx_41B_20250101__20251231_zMB0dSUgzXeg"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.30%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.81,2017:6.77,2018:-2.54,2019:9.35,2020:7.01,2021:2.65,2022:-10.82,2023:9.78,2024:5.53,2025:9.3)" src="jnlst485bpos162.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 10.34%; Worst Quarter (ended 3/31/2020): -9.94% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_z3ImEX2BNW12" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000111250Member_zO0rK2QobHe4" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_41B_20160101__20161231_z5qVJDRagFIj"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.93%</td></tr> <tr id="xdx_41D_20170101__20171231_z3RVRytHdPcl"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">7.03%</td></tr> <tr id="xdx_412_20180101__20181231_zzRWqHNE4jae"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.12%</td></tr> <tr id="xdx_41C_20190101__20191231_zr36vVE8ttlj"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">9.60%</td></tr> <tr id="xdx_41A_20200101__20201231_zChoTO537nf2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">7.31%</td></tr> <tr id="xdx_413_20210101__20211231_zrjNQ1jxMIZb" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">3.04%</td></tr> <tr id="xdx_413_20220101__20221231_zDPH43IEr8c3" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-10.59%</td></tr> <tr id="xdx_41B_20230101__20231231_zo9EGEAEk3X"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">10.15%</td></tr> <tr id="xdx_415_20240101__20241231_zpaNTTMvxRed"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.90%</td></tr> <tr id="xdx_410_20250101__20251231_z4TykUzw9d7e"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">9.54%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.93,2017:7.03,2018:-2.12,2019:9.6,2020:7.31,2021:3.04,2022:-10.59,2023:10.15,2024:5.9,2025:9.54)" src="jnlst485bpos163.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 10.45%; Worst Quarter (ended 3/31/2020): -9.86% 0.0581 0.0677 -0.0254 0.0935 0.0701 0.0265 -0.1082 0.0978 0.0553 0.0930 Best Quarter 2020-06-30 0.1034 Worst Quarter 2020-03-31 -0.0994 0.0593 0.0703 -0.0212 0.0960 0.0731 0.0304 -0.1059 0.1015 0.0590 0.0954 Best Quarter 2020-06-30 0.1045 Worst Quarter 2020-03-31 -0.0986 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zbCebCs7WaQc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zZLOkyc3pb38" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zxhp68uT6W7b" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zNGqiwjVJ3R1" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_497_20160101__20251231_zrIxVDAdiB8f" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000111249Member_zgcntUovlJmj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Neuberger Berman Strategic Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.30</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zy41HhMId2V3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zuBPYi9KMQLf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zKlB5fhTpmT" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_497_20160101__20251231_z9gR9AFxEOqe" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000111250Member_z3LkdyWke1S4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Neuberger Berman Strategic Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.54</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.32</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.39</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z9SPwis3wvYb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0930 0.0300 0.0409 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0954 0.0332 0.0439 0.0730 -0.0036 0.0201 JNL/Newton Equity Income Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek total return (consisting of capital appreciation and 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. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zzM7IRb4WBf"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z5o7BTEzmZZb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zg81iKrPzrQ2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000218220Member_z05Bfpq8j4Ld" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zOip5QOMlS89" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.40%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zkjxsLqFV8Ad" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_z3DEDj1YT3qk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zjpDZ3RiCia1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000218221Member_zDdWpmJ4g1di" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dp0_zsz19sBabcA8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.40%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dp0_zOrV8RC518aj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dp0_zOnsTQe05AMd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.16%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dp0_zK3gtPymmbz8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.56%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0040 0.0030 0.0016 0.0086 0.0040 0.0000 0.0016 0.0056 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMPdBAIow3w6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zaoyCTCY7Zn3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Newton Equity Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zrWhOHdscbt1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zvPm2sJZsWs8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zN2vQgXLKAL9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zPrB7uXHHrEe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000218220Member_zaZqKMMgi1Fi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$477</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,061</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Newton Equity Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zh3abdvYSV9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z3FlRWF9TTOa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zPCxpHwbm613" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z54G05XWvKO8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218221Member_zRaGDtq9e3F5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$179</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$313</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$701</td></tr> </table> 88 274 477 1061 57 179 313 701 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.77 Principal Investment Strategies. Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. The Fund seeks to focus on dividend-paying stocks and other investments and investment techniques that provide income, including covered call strategies. Newton Investment Management North America, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), chooses stocks through a disciplined investment process that combines computer modeling techniques, fundamental analysis, and risk management. The Fund will emphasize those stocks with value characteristics, although it also may purchase growth stocks. The Sub-Adviser’s investment process is designed to provide investors with investment exposure to sector weightings and risk characteristics generally similar to those of the S&P 500 Value Index. The Fund’s equity investments may include common stocks, preferred stocks, convertible securities, and American Depositary Receipts (“ADRs”), including those purchased in initial public offerings. The Fund may also invest in fixed income securities and money market instruments. The Fund may, but is not required to, use derivatives, such as options, futures, and options on futures (including those relating to stocks, indices, and interest rates), as a substitute for investing directly in an underlying asset, to increase returns or income, or as a part of a hedging strategy. The Fund may invest in securities issued by companies in the financial services sector. The Fund primarily invests in securities of U.S. companies and does not currently intend to invest more than 15% in foreign securities. Under normal market conditions, the Fund invests at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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 a security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. 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. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. 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. 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. Investments in IPOs risk – IPOs issued by unseasoned companies with little or no operating history are risky and highly volatile. 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 Fund's 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. 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 June 24, 2019, the Fund was combined with JNL/Epoch Global Shareholder Yield Fund (the “Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. The performance data includes the performance of the JNL/Mellon Equity Income Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zv8q3sajZzw3"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_zapQ77DTRyGi" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218220Member_zHuUTg2oKuVi" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_418_20160101__20161231_zKuZm1C7D2ab"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">18.55%</td></tr> <tr id="xdx_41C_20170101__20171231_zqrnuYdgfL44"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">15.66%</td></tr> <tr id="xdx_411_20180101__20181231_z8I3omlQS8Q6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.61%</td></tr> <tr id="xdx_419_20190101__20191231_ztsVv5B32TA1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">28.62%</td></tr> <tr id="xdx_41F_20200101__20201231_zek0JwJvKHyb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">2.45%</td></tr> <tr id="xdx_416_20210101__20211231_zFM5k3i5sbD7" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">32.77%</td></tr> <tr id="xdx_415_20220101__20221231_zBTUr8Dw3Hm5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">3.80%</td></tr> <tr id="xdx_414_20230101__20231231_zhRDmKFVS0Qd"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">10.37%</td></tr> <tr id="xdx_414_20240101__20241231_zs3edu8LjTS"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">17.04%</td></tr> <tr id="xdx_413_20250101__20251231_zC8KFiwms3pj"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">18.97%</td></tr> </table> <img alt="PerformanceBarChartData(2016:18.55,2017:15.66,2018:-9.61,2019:28.62,2020:2.45,2021:32.77,2022:3.8,2023:10.37,2024:17.04,2025:18.97)" src="jnlst485bpos164.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 20.63%; Worst Quarter (ended 3/31/2020): -31.23% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A56_zD62C3D7cDQb" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218221Member_zGKcL4D7tszb" style="font-weight: bold; text-align: left; width: 50%"></td></tr> <tr id="xdx_416_20180101__20181231_zbkA6Mjp8Yl6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.27%</td></tr> <tr id="xdx_41B_20190101__20191231_z9wG4G3JLMwe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">28.96%</td></tr> <tr id="xdx_41B_20200101__20201231_zeZf1b0MMFg4" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">2.76%</td></tr> <tr id="xdx_41F_20210101__20211231_zAwMKNWi6ft3" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">33.18%</td></tr> <tr id="xdx_412_20220101__20221231_z5JNhyEPKJF8" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">4.11%</td></tr> <tr id="xdx_41F_20230101__20231231_zDG0OsvdxxAa"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">10.67%</td></tr> <tr id="xdx_416_20240101__20241231_zqgXNF4SPSi3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">17.43%</td></tr> <tr id="xdx_41E_20250101__20251231_zsXY9ok5qCta"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">19.32%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-9.27,2019:28.96,2020:2.76,2021:33.18,2022:4.11,2023:10.67,2024:17.43,2025:19.32)" src="jnlst485bpos165.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 20.72%; Worst Quarter (ended 3/31/2020): -31.17% 0.1855 0.1566 -0.0961 0.2862 0.0245 0.3277 0.0380 0.1037 0.1704 0.1897 Best Quarter 2020-12-31 0.2063 Worst Quarter 2020-03-31 -0.3123 -0.0927 0.2896 0.0276 0.3318 0.0411 0.1067 0.1743 0.1932 Best Quarter 2020-12-31 0.2072 Worst Quarter 2020-03-31 -0.3117 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_za4qQbkiuK72"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVQy2kPcI9U3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_z7ahr8Mux3c9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_493_20210101__20251231_zBQ03pQkMNaf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20160101__20251231_zq7zZLD8PAEi" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218220Member_z4UkM2oA0t19" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Newton Equity Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">18.97</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.21</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zftPPjKIojre" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zdKX3qHK3tik" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zz5zTafQHnZa" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_zvoPur6bIxr1" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20170925__20251231_zmuol4Rmcc74" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218221Member_zbyXxBbHncvh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Newton Equity Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">19.32</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">16.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">13.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zfPauX7WEVQ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zQgCbbzwLHWf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.80</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1897 0.1619 0.1321 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 2017-09-25 0.1932 0.1654 0.1331 0.1780 0.1388 0.1476 0.1883 0.1338 0.1180 JNL/PIMCO Income Fund Class A Class I Investment Objective. The primary investment objective of the Fund is to maximize current income. Long-term capital appreciation is a secondary objective. 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zm71OpzSOzMf"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zYfNRhRM88y3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zAQqaUxmyQmc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000192062Member_zX2pcc7h9Oud" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zdaaI5yDeP6a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.48%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOpzim3jUCd8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zFNGqzaqyu41" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.21%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zLaoiRlDHhBj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.99%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">"Other Expenses" are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.05%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192063Member_zOdvqOmNm5Fj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_ziMl3yxiJ3Ba" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.48%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsw96jFEJhS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zVG6AJDW2yxf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.21%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zdwYMUJPbGZ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">"Other Expenses" are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.05%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> 0.0048 0.0030 0.0021 0.0099 0.0048 0.0000 0.0021 0.0069 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKlL2RqOquSi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zASL6AMOqmic" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zR7eykSDGMZ7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zRYBNzXgaNDc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z2W2dWr7yisk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z8oWbDWrhu65" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000192062Member_zVy7KbQW6jh4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$101</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$315</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$547</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,213</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zR82OXU85qz2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zoNdzp5xxnJl" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z2dKfAV8H1df" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z6pWBaMqMFD7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000192063Member_zfFbQzbAMfLa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> 101 315 547 1213 70 221 384 859 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000058490Member_z8XOJ8eU41G" style="border-bottom: black 1pt solid; width: 16%; text-align: right">19</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.19 Principal Investment Strategies. The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 65% of its total assets in a multi-sector portfolio of Fixed-Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. “Fixed-Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund may also invest in contingent convertible securities. The Fund will seek to maintain a high and consistent level of dividend income by investing in a broad array of fixed-income sectors and utilizing income efficient implementation strategies. The capital appreciation sought by the Fund generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund will generally allocate its assets among several investment sectors, without limitation, which may include: (i) high yield securities (“junk bonds”) and investment grade corporate bonds of issuers located in the United States and non-U.S. countries, including emerging market countries; (ii) fixed-income securities issued by U.S. and non-U.S. governments (including emerging market governments), their agencies and instrumentalities; (iii) mortgage-related and other asset backed securities; and (iv) foreign currencies, including those of emerging market countries. However, the Fund is not required to gain exposure to any one investment sector, and the Fund’s exposure to any one investment sector will vary over time. The average portfolio duration of this Fund normally varies from zero to eight years based on Pacific Investment Management Company LLC’s (“PIMCO”) forecast for interest rates. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The Fund may invest up to 50% of its total assets in high yield securities rated below investment grade by Moody’s Investors Service, Inc. (“Moody’s”), or equivalently rated by S&P Global Ratings (“S&P”) or Fitch, Inc. (“Fitch”), or if unrated, determined by PIMCO to be of comparable quality (except such 50% limitation shall not apply to the Fund’s investments in mortgage- and asset-backed securities). In addition, the Fund may invest, without limitation, in securities denominated in foreign currencies. The Fund may invest up to 20% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation). The Fund will normally limit its foreign currency exposure (from non-U.S. dollar denominated securities or currencies) to 20% of its total assets. The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, including commodity futures, or swap agreements, or in mortgage- or asset backed securities, subject to applicable law and any other restrictions described in the Fund’s prospectus or Statement of Additional Information. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred securities. The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 65% of its total assets in a multi-sector portfolio of Fixed-Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Contingent convertible securities risk – Contingent convertible securities (“CoCos”) are a form of hybrid fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined “trigger event” affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances, the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. CoCos’ unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. If the CoCos are converted into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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 27, 2020, the Fund was combined with JNL/Neuberger Berman Currency Fund, a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the JNL/Neuberger Berman Currency Fund. Effective April 27, 2020, the Fund was combined with JNL/Scout Unconstrained Bond Fund, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the JNL/Scout Unconstrained Bond Fund. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zmgqgnPkNJR1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI9v" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192062Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41D_20180101__20181231_zbq1jLtaHrTd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.11%</td></tr> <tr id="xdx_412_20190101__20191231_z16fy5VuqJU7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">7.82%</td></tr> <tr id="xdx_419_20200101__20201231_zwbug2aCrVs8" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.95%</td></tr> <tr id="xdx_418_20210101__20211231_zsQIQZVJgv7i" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">1.99%</td></tr> <tr id="xdx_41B_20220101__20221231_zKK46wO3tMuc"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.09%</td></tr> <tr id="xdx_415_20230101__20231231_zjUPWMB5gRRe"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">8.51%</td></tr> <tr id="xdx_41A_20240101__20241231_z1m5HFpuTkw3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.63%</td></tr> <tr id="xdx_41F_20250101__20251231_zYIjgXcFVMwh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">11.07%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-0.11,2019:7.82,2020:4.95,2021:1.99,2022:-8.09,2023:8.51,2024:4.63,2025:11.07)" src="jnlst485bpos166.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.45%; Worst Quarter (ended 3/31/2020): -6.28% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9vD5pPMAwj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192063Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_418_20180101__20181231_zeiqNkpr0OAd"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.20%</td></tr> <tr id="xdx_41A_20190101__20191231_zvNpp1sA622b"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">8.13%</td></tr> <tr id="xdx_411_20200101__20201231_zUQEoHfCwU7c" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.30%</td></tr> <tr id="xdx_410_20210101__20211231_z2IC02fNfw2b" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">2.34%</td></tr> <tr id="xdx_41D_20220101__20221231_zEr7SGrNuueg"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-7.81%</td></tr> <tr id="xdx_414_20230101__20231231_zaSOBuGB5wH5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">8.76%</td></tr> <tr id="xdx_41F_20240101__20241231_zRNZtktuY6qa"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.99%</td></tr> <tr id="xdx_41A_20250101__20251231_z9OBTNjObv9"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">11.43%</td></tr> </table> <img alt="PerformanceBarChartData(2018:0.2,2019:8.13,2020:5.3,2021:2.34,2022:-7.81,2023:8.76,2024:4.99,2025:11.43)" src="jnlst485bpos167.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.53%; Worst Quarter (ended 3/31/2020): -6.24% -0.0011 0.0782 0.0495 0.0199 -0.0809 0.0851 0.0463 0.1107 Best Quarter 2023-12-31 0.0645 Worst Quarter 2020-03-31 -0.0628 0.0020 0.0813 0.0530 0.0234 -0.0781 0.0876 0.0499 0.1143 Best Quarter 2023-12-31 0.0653 Worst Quarter 2020-03-31 -0.0624 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zeK8Y3V1cN77"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zAoaqVv9UVvc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zFzx5SYmJ45f" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_495_20210101__20251231_zHmOkGzRO8Q3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_496_20170925__20251231_zkLTaw4U2tGc" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192062Member_zN8tXjO0uszj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/PIMCO Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.07</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.40</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">3.66</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zH9BHyxUEm0a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zXSKF9F1yob3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_495_20210101__20251231_zEsw8qsxXHpd" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_496_20170925__20251231_zqLO19nB6Xk" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192063Member_z1aR2srl0Ci7" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/PIMCO Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.43</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.72</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">3.98</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zbZYzvuPBAd4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1107 0.0340 0.0366 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0172 2017-09-25 0.1143 0.0372 0.0398 0.0730 -0.0036 0.0172 JNL/PIMCO Investment Grade Credit Bond Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek maximum total return, consistent with preservation of capital and prudent investment management. 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zYrwWd4hzx64"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zOOvNE0qOwp1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zDmGzWCMosy4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000218187Member_zCXcy7kqPKo1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zz3aylXwakii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.35%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYAfi8YtfU9k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z7mCSns7Ovvd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zI9WuRfPKna1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.85%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.10%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000218186Member_z1naYtlMqAV6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zi5HrIWhor8a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.35%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZnpXbVEEie9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z7n5jwrCDpTe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.20%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zDipPDRg1q37" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.55%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.10%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> 0.0035 0.0030 0.0020 0.0085 0.0035 0.0000 0.0020 0.0055 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: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zsIjTSfypkXc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z39ZV7Qqkcm1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Investment Grade Credit Bond Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zPVNgVIu5qUe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zpXOhYd5JxR3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zaMwh0xhGSbi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zdOnJDY6t9qc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000218187Member_zGpu2qNhDfyl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$271</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$471</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,049</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Investment Grade Credit Bond Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_ztKuTtKqgR1j" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zM733vMbCEvb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zuBq1PLHFj6j" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zd6TXlp0VTta" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000218186Member_zrrt17mWnjL5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$176</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$307</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$689</td></tr> </table> 87 271 471 1049 56 176 307 689 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_982_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000068114Member_zoFWwiWCIbf4" style="border-bottom: black 1pt solid; width: 16%; text-align: right">27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.27 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 a diversified portfolio of investment grade fixed income securities of varying maturities, which may be represented by forwards, repurchase agreements, reverse repurchase agreements or loan participations and assignments or derivatives such as options, futures contracts or swap agreements. Assets not invested in investment grade corporate fixed income securities may be invested in other types of Fixed Income Instruments. “Fixed Income Instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Fund may also invest in contingent convertible securities. The average portfolio duration of this Fund normally varies within two years (plus or minus) of the duration of the Bloomberg U.S. Credit Index, as calculated by Pacific Investment Management Company LLC, the Fund’s sub-adviser (the “Sub-Adviser”). Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security’s price to changes in interest rates. The Fund invests primarily in investment grade debt securities, but may invest up to 15% of its total assets in high yield securities (“junk bonds”), as rated Moody's Investors Service, Inc. ("Moody's"), Standard and Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch"), or, if unrated, determined by the Sub-Adviser to be of comparable quality. The Fund may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 30% of its total assets in securities and instruments that are economically tied to emerging market countries. The Fund will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. The Fund may invest, without limitation, in derivative instruments, such as options, futures contracts, including commodity futures, or swap agreements, or in mortgage-or asset-backed securities, subject to applicable law and any other restrictions described in the Fund’s Prospectus or Statement of Additional Information (“SAI”). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls). The “total return” sought by the Fund consists of income earned on the Fund’s investments, plus capital appreciation, if any, which generally arises from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may also invest up to 10% of its total assets in preferred securities. 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 a diversified portfolio of investment grade fixed income securities of varying maturities, which may be represented by forwards, repurchase agreements, reverse repurchase agreements or loan participations and assignments or derivatives such as options, futures contracts or swap agreements. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Contingent convertible securities risk – Contingent convertible securities (“CoCos”) are a form of hybrid fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined “trigger event” affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances, the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. CoCos’ unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. If the CoCos are converted into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. 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. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. 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. 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. 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. 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 Fund's 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Preferred stock risk – Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Risks of preferred securities include (i) the ability of the issuer to defer or omit distributions for a stated period in its sole discretion, (ii) the potential for the security to lose value based on the credit worthiness of the issuer or its decision to defer distributions, (iii) the potential for the security to lose value in light of the increase in market interest rates (iv) the potential for the issuer to call (repay) the security or extend the term of the security, subject to the security’s terms and issuer’s discretion, which may impact the value of the security in light of prevailing market interest rates at that time, (v) the risk that the preferred securities may have a less liquid market than government securities or other equity securities issued by the issuer, and (vi) being subject to the decisions of voting shareholders of an issuer as preferred securities typically contain limited, or no, voting rights. 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. Repurchase agreements, purchase and sale contracts risk – If the other party to a repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security under a repurchase agreement or purchase and sale contract, and the market value of the security declines, the Fund may lose money. Reverse repurchase agreements risk – Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at all. The Fund could lose money if the value of collateral held by the Fund, including the value of the investments made with the cash received from the sale of securities, is less than the value of the securities sold by the Fund. These events could also trigger adverse tax consequences to the Fund. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. Structured investments risk – A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. When-issued and delayed delivery securities and forward commitments risk – When-issued, delayed delivery securities and forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. The performance data includes the performance of the JNL/PIMCO Investment Grade Credit Bond Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund's registration statement became effective. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_zx9kD6i7X7kh"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MxSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218187Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41B_20160101__20161231_zy0MXmZ8ouzi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.34%</td></tr> <tr id="xdx_41F_20170101__20171231_zJ2ARt0Cwrvd"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">6.97%</td></tr> <tr id="xdx_41B_20180101__20181231_zNgQoNSrKSte"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.56%</td></tr> <tr id="xdx_412_20190101__20191231_zU05agifLzHc"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.47%</td></tr> <tr id="xdx_412_20200101__20201231_ztPHhmaR4cRd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.52%</td></tr> <tr id="xdx_418_20210101__20211231_zle46LFLBY6c" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.62%</td></tr> <tr id="xdx_41E_20220101__20221231_zzuCGHK8VH61"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-16.58%</td></tr> <tr id="xdx_415_20230101__20231231_zF2vy3R4G74l"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">7.73%</td></tr> <tr id="xdx_412_20240101__20241231_zxLSJK2eOBPb"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.75%</td></tr> <tr id="xdx_418_20250101__20251231_zHyAVljV8Hed"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.37%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.34,2017:6.97,2018:-2.56,2019:14.47,2020:10.52,2021:-1.62,2022:-16.58,2023:7.73,2024:2.75,2025:8.37)" src="jnlst485bpos168.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.39%; Worst Quarter (ended 6/30/2022): -8.24% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pFMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218186Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_417_20180101__20181231_zTuywW6lIFQi"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.26%</td></tr> <tr id="xdx_41E_20190101__20191231_zcjmFuWXcia1"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.75%</td></tr> <tr id="xdx_41B_20200101__20201231_zEnBJqi5ZS6e" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.91%</td></tr> <tr id="xdx_410_20210101__20211231_zPcWIazHMSe5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.40%</td></tr> <tr id="xdx_414_20220101__20221231_zeKr8nznDHfb"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-16.23%</td></tr> <tr id="xdx_410_20230101__20231231_zOptSoEzURo"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">8.00%</td></tr> <tr id="xdx_414_20240101__20241231_zvg8QymC2gZ3"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">3.05%</td></tr> <tr id="xdx_417_20250101__20251231_z2HdTSCZOKwe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.71%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-2.26,2019:14.75,2020:10.91,2021:-1.4,2022:-16.23,2023:8,2024:3.05,2025:8.71)" src="jnlst485bpos169.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.54%; Worst Quarter (ended 6/30/2022): -8.17% 0.0634 0.0697 -0.0256 0.1447 0.1052 -0.0162 -0.1658 0.0773 0.0275 0.0837 Best Quarter 2020-06-30 0.0839 Worst Quarter 2022-06-30 -0.0824 -0.0226 0.1475 0.1091 -0.0140 -0.1623 0.0800 0.0305 0.0871 Best Quarter 2020-06-30 0.0854 Worst Quarter 2022-06-30 -0.0817 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zpWVcik34CIe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zxWqlrBagXh9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z5hLI7QPfoT1" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zl9kgGZ2USxg" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z9jQL8yIxXB5" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218187Member_zziSibiAYnx5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PIMCO Investment Grade Credit Bond Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.37</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.31</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.28</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z8GITTvEvSS3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSCreditIndexMember_zzBZ2Gppl4v4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zTrHenhijOIe" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_495_20210101__20251231_zhw6oNUAPsW" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20170925__20251231_zDIhugzPRsbh" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218186Member_z1YH3lHzrPXb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/PIMCO Investment Grade Credit Bond Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">8.71</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">-0.01</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">2.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zhKV6H83IAf4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSCreditIndexMember_zR3yN5Cwak34" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0837 -0.0031 0.0328 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0783 -0.0005 0.0315 2017-09-25 0.0871 -0.0001 0.0274 0.0730 -0.0036 0.0172 0.0783 -0.0005 0.0252 JNL/PIMCO Real Return Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek maximum real return, consistent with preservation of real capital and prudent investment management. 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_zEH1LIu6fu97"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zR48Hv8vqof1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zlfTnqX4aTph" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000029602Member_zj5ZuqwL5MHk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zyOjuo1FMzj3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFXWGq6W2Ali" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zCmqjgN8T2Hg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.99%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zbYbP3tpZ4Mk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.68%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.89%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000067998Member_zJSXCm4d8S1h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zMqQcbi0YJL4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.39%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUumMG09j9e9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zCBOq3sdEB98" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">0.99%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zyfMfm69sYPe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-left: 5.4pt; text-align: center">1.38%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.89%. The Fund's actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time.</td></tr> </table> 0.0039 0.0030 0.0099 0.0168 0.0039 0.0000 0.0099 0.0138 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: <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_zMlHdALLdkWf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zc3H6GBT46R7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Real Return Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zCU31AVnQmv4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zvw49KnRq3o2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zKG8kvPJkS6b" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zFeCx2bxlp86" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000029602Member_zPIxJoZPy9H4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$171</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$530</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$913</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,987</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PIMCO Real Return Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zq2jfeK1ZFDg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zsKF1XUfvDh8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zmQXD7uQDLvd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zt59rB4FU1Fl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000067998Member_z0TpQvqcKxyb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$141</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$437</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$755</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,657</td></tr> </table> 171 530 913 1987 141 437 755 1657 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_980_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000010711Member_zd3teyuAJZpc" style="border-bottom: black 1pt solid; width: 16%; text-align: right">50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.50 Principal Investment Strategies. The Fund seeks 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 inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. Assets not invested in inflation-indexed bonds may be invested in other types of fixed-income instruments. “Fixed-income instruments” include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Inflation-indexed bonds are fixed-income securities that are structured to provide protection against inflation. The value of the bond’s principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. The U.S. Treasury uses the Consumer Price Index for All Urban Consumers (“CPI-U”) as the inflation measure. Inflation-indexed bonds issued by a foreign government are generally adjusted to reflect a comparable inflation index, calculated by that government. “Real return” equals total return less the estimated rate of inflation, which is typically measured by the change in an official inflation measure, such as CPI-U. The average portfolio duration of this Fund normally varies within three years (plus or minus) of the duration of the Bloomberg U.S. Treasury: U.S. TIPS Index, as calculated by Pacific Investment Management Company LLC (“PIMCO”). For these purposes, in calculating the Fund’s average portfolio duration, PIMCO includes the real duration of the inflation-indexed portfolio. The Fund invests primarily in investment grade securities, but may invest up to 10% of its total assets in high yield securities (“junk bonds”) rated B or higher by Moody's or equivalently rated by S&P Global Ratings or Fitch Inc., or, if unrated, determined by PIMCO to be of comparable quality (except that within such 10% limitation, the Fund may invest in mortgage-related securities rated below B). The Fund also may invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar denominated securities of foreign issuers. The Fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. Foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) normally will be limited to 20% of the Fund’s total assets. The Fund may invest all of its assets in derivative instruments, such as futures, including commodity futures, options, or swap agreements, or in mortgage or asset-backed securities. The Fund may purchase or sell securities on a when-issued basis, delayed delivery or forward commitment basis and may engage in short sales. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buybacks or dollar rolls). The Fund may also invest up to 10% of its total assets in preferred securities. The Fund seeks 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 inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities, and corporations, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. Inflation-indexed securities risk – Inflation-indexed securities have a tendency to react to changes in real interest rates. Real interest rates represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and can increase when real interest rates decrease. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. In periods of deflation, the Fund may not receive any income from such investments. In certain interest rate environments, such as when real interest rates are rising faster than normal interest rates, inflation-indexed securities may experience greater losses than other fixed-income securities with similar durations. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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 August 13, 2018, the Fund was combined with JNL Real Assets Fund ("Acquired Fund"), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8A_eoef--BarChartTableTextBlock_zlypWSvytnCg"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSsI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000029602Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_410_20160101__20161231_zXcR7cohuPP3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.17%</td></tr> <tr id="xdx_419_20170101__20171231_zA2uJPMQgE4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.11%</td></tr> <tr id="xdx_41C_20180101__20181231_zCCOjrLeKq65"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.23%</td></tr> <tr id="xdx_41A_20190101__20191231_znj3hAGvlNTl"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">8.39%</td></tr> <tr id="xdx_412_20200101__20201231_zhFseu5Absi2" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">11.46%</td></tr> <tr id="xdx_417_20210101__20211231_zEl4U6xpWWua" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">5.40%</td></tr> <tr id="xdx_419_20220101__20221231_zPfpbILtXka4"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.79%</td></tr> <tr id="xdx_413_20230101__20231231_zgN48OJ2oIzi"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">3.96%</td></tr> <tr id="xdx_41B_20240101__20241231_z8AZloOxX8Q8"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.04%</td></tr> <tr id="xdx_41B_20250101__20251231_zhk8JrjO5Gqc"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.82%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.17,2017:3.11,2018:-2.23,2019:8.39,2020:11.46,2021:5.4,2022:-11.79,2023:3.96,2024:2.04,2025:7.82)" src="jnlst485bpos170.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 5.64%; Worst Quarter (ended 6/30/2022): -6.27% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMBvj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067998Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_41E_20160101__20161231_zZpggJ1vv0Y4"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.56%</td></tr> <tr id="xdx_41A_20170101__20171231_zm7ruMhDXfAl"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">3.18%</td></tr> <tr id="xdx_411_20180101__20181231_zNyzSCwAejV4"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.95%</td></tr> <tr id="xdx_414_20190101__20191231_z9KA3BPbKBNl"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">8.71%</td></tr> <tr id="xdx_410_20200101__20201231_zY7M3vcwtEGa" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">11.78%</td></tr> <tr id="xdx_414_20210101__20211231_zITjywUPd4U2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">5.82%</td></tr> <tr id="xdx_41F_20220101__20221231_z5ZAySOLVPv2"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.55%</td></tr> <tr id="xdx_41D_20230101__20231231_zMDjF9YmWBf5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.23%</td></tr> <tr id="xdx_411_20240101__20241231_zphw1q5mfokl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.42%</td></tr> <tr id="xdx_419_20250101__20251231_zuOKf3XFGxha"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.10%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.56,2017:3.18,2018:-1.95,2019:8.71,2020:11.78,2021:5.82,2022:-11.55,2023:4.23,2024:2.42,2025:8.1)" src="jnlst485bpos171.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 5.74%; Worst Quarter (ended 6/30/2022): -6.14% 0.0517 0.0311 -0.0223 0.0839 0.1146 0.0540 -0.1179 0.0396 0.0204 0.0782 Best Quarter 2020-06-30 0.0564 Worst Quarter 2022-06-30 -0.0627 0.0556 0.0318 -0.0195 0.0871 0.1178 0.0582 -0.1155 0.0423 0.0242 0.0810 Best Quarter 2020-06-30 0.0574 Worst Quarter 2022-06-30 -0.0614 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_z79uYHew6mic"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z4ce8bjPbAd3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zGHIotF1qMhi" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zO3KpOnBDXf3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z1TW0uHYq4V" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029602Member_z84iP0k8d3W3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PIMCO Real Return Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.82</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.14</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zYbTU9IPpdQ7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSTreasuryUSTIPSIndexMember_zvvNJoo8jbKg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Treasury: U.S. TIPS Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.01</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zeTSepSSvdvi" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zMUOLS59GGk2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zQTPfFfF73u7" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067998Member_zmY3JTXb8W4g" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PIMCO Real Return Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.10</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.55</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.43</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z5yLXPpQxKf1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSTreasuryUSTIPSIndexMember_zBZclOQUHsq1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Treasury: U.S. TIPS Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.01</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0782 0.0124 0.0314 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0701 0.0113 0.0309 0.0810 0.0155 0.0343 0.0730 -0.0036 0.0201 0.0701 0.0113 0.0309 JNL/PPM America Emerging Markets Debt Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek total return and 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_z5odPZ0Fyzjj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z3A6Y9dOlcJa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zLITNsmJI3Xi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000271898Member_zLgvwIUVqVIb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zERXN0EEkoaa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.63%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zylPaTjo9pee" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zoKk2EBzoTN9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zN78KaTJFV1h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.08%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zqTI12zahl2c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_zIbSnEW9CMDl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.93%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”) and are based on estimated amounts for the current fiscal year.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000271897Member_zd8L9I4MpZu2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zoUz6xaSIOw9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.63%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTR5gnbdfI4j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z8VC6ZAkSm6j" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zBuzka9GBCb6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.78%</td></tr> <tr id="xdx_408_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zhdjJcTQjvck" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_405_eoef--NetExpensesOverAssets_dpn_ztGxBHAkE5lb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.63%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”) and are based on estimated amounts for the current fiscal year.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.15% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0063 0.0030 0.0015 0.0108 -0.0015 0.0093 0.0063 0.0000 0.0015 0.0078 -0.0015 0.0063 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8Riy3Krllw8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9CTM1ktWbPc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Emerging Markets Debt Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z2RbGUrj3uIh" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zO4ESczZ1Kc3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zmN0SVxo98Sj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zxPU5Lyj3CPl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000271898Member_zQkmumwId3I8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$329</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$581</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,304</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Emerging Markets Debt Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zg4u73cn83R4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z0v4IRzhAUWe" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_ztx6UdJ33u88" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zTDacYtlJ6k7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_414_20260423__20260423__oef--ClassAxis__custom--C000271897Member_zbLd9ZfqNVE4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$64</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$234</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$419</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$952</td></tr> </table> 95 329 581 1304 64 234 419 952 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. The Fund does not have a portfolio turnover rate as of the date of this Prospectus as it commenced operations on the date of this Prospectus. Principal Investment Strategies. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of emerging market debt instruments. Emerging markets countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging markets country by the International Monetary Fund, MSCI, Inc. or Standard & Poor’s Corporation or recognized to be a developing country by the United Nations. The Fund may invest in a broad range of debt instruments, including sovereign debt, corporate bonds, quasi-sovereign securities and supranational debt. The Fund’s investments in debt instruments may also include, but are not limited to fixed and floating-rate debt, government securities, corporate debt, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and may be denominated in U.S. dollars or local currencies. The Fund may also invest without limitation, in debt instruments of varying maturities and of any credit quality, including securities rated below investment grade (sometimes referred to as “high yield” securities or “junk bonds” and which includes defaulted securities). Below investment grade securities are those securities that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be below investment-grade quality by PPM America, Inc. (“Sub-Adviser”). Below investment grade securities 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. The Fund may invest in Rule 144A and Regulation S securities. Rule 144A securities are securities offered as exempt from registration with the Securities and Exchange Commission (“SEC”) but are typically treated as liquid securities because there is a market for such securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through private offerings without registration with the SEC pursuant to Regulation S under the Securities Act of 1933, as amended. Additionally, the Fund has the ability to invest in other investment companies, such as money market funds and exchange-traded funds (“ETFs”). For purposes of satisfying the 80% requirement, the Fund may invest in fixed income ETFs comprised of the securities described above. The Fund may also invest in cash or cash equivalents. For purposes of satisfying the 80% requirement, the Fund may also invest in structured investments and derivative instruments that have economic characteristics similar to the debt instruments mentioned above such as futures contracts, options or swap agreements. Specifically, the Fund may use FX forwards to manage currency risk. The Fund may also use futures to hedge duration or to increase the Fund’s exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices (“CDX”) to increase or decrease the Fund’s exposure to credit risk or to hedge credit risk in a particular name, industry or country. The Fund may, subject to applicable law, invest without limitation in derivative instruments. The Fund may invest without limit in investments denominated in any currency, but currently expects to invest a substantial amount of its assets in investments denominated in the U.S. dollar. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of emerging market debt instruments. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. Government regulatory risk – Certain industries or sectors, including, but not limited to, real estate, financial services, utilities, oil and natural gas exploration and production, and health care are subject to increased regulatory requirements. There can be no guarantee that companies in which the Fund invests will meet all applicable regulatory requirements. Certain companies could incur substantial fines and penalties for failing to meet government regulatory requirements. These requirements may also result in additional compliance expenses and costs. Such increased regulatory compliance costs could hurt a company’s performance. 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. Volatility risk – The Fund may have investments that appreciate or depreciate significantly in value over short periods of time. This may cause the Fund’s net asset value per share to experience significant appreciations or depreciations in value over short periods of time. 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. 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. 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. 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. Sovereign debt risk – Investments issued by a governmental entity are subject to the risk that the governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt due to, among other things, cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a governmental entity defaults, it may ask for more time in which to pay its debt, request additional loans or otherwise restructure its debt. There is no legal process for collecting sovereign debt that a government does not pay nor are there bankruptcy proceedings through which all or part of the sovereign debt may be collected. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. Regulation S securities risk – Regulation S securities may be less liquid than publicly traded securities and may not be subject to the disclosure and other investor protection requirements that would be applicable if they were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses. Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity. 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. 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. Structured investments risk – A structured investment is a derivative security designed to offer a return linked to a particular underlying security, currency, commodity or market. Structured investments may come in various forms including notes (such as exchange-traded notes), warrants and options to purchase securities. A Fund will typically use structured investments to gain exposure to a particular underlying security, currency, commodity or market when direct access to the security, currency, commodity, or market is limited or inefficient from a tax or cost standpoint. There can be no assurance that structured investments will trade at the same price or have the same value as the underlying security, currency, commodity or market. Investments in structured investments involve risks including, but not limited to, issuer risk, counterparty risk and market risk. Holders of structured investments bear risks of the underlying investment and are subject to issuer or counterparty risk because a Fund is relying on the creditworthiness of such issuer or counterparty and has no rights with respect to the underlying investment. Certain structured investments may be thinly traded or have a limited trading market and may have the effect of increasing a Fund's illiquidity to the extent that a Fund, at a particular point in time, may be unable to find qualified buyers for these securities. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Swaps risk – Swap agreements are subject to the risks of derivatives, including risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Swap agreements historically have been OTC, two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to, total return swaps, credit default swaps and interest rate swaps; all of these and other swaps are derivatives and as such, each is subject to the general risks relating to derivatives described herein. The Dodd–Frank Act mandated a new regulatory framework for trading swaps in the United States. For example, certain standardized swaps are now, and others may in the future be, required to be executed on or subject to the rules of specified trading platforms such as designated contract markets or swap execution facilities and cleared by a central counterparty such as a derivatives clearing organization (“DCO”). Central clearing is intended to reduce the risk of default by the counterparty. However, central clearing may increase the costs of swap transactions. There are also risks introduced of a possible default by the central counterparty or by a clearing member or futures commission merchant through which a swap is submitted for clearing. The process of implementing regulations under the Dodd-Frank Act is ongoing and there may be further changes to the system. Performance. Performance for the Fund has not been included because the Fund commenced operations on the date of this Prospectus. Performance, which provides some indication of the risks of investing in the Fund, will be available once the Fund has completed one full calendar year of operations. Performance, which provides some indication of the risks of investing in the Fund, will be available once the Fund has completed one full calendar year of operations. JNL/PPM America High Yield Bond Fund Class A Class I Investment Objective. The investment objective of the Fund is to maximize current income. As a secondary objective, the Fund seeks capital appreciation. 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zYDg8UCUiQ2c"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zzxZ8iR8oifg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zqqO36UgPk55" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000004647Member_z1vllp47nUk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zWjPMy9FbCXc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.34%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zZeStUl8TQ97" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z77tjzxZNuR2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zwpeY8XAFY9c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zHMTtmlqu29a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.76%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000067978Member_zoaw9BST0kh7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zaA3jxDA4SMa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.34%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIbXtnDqoEK5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z4JW34oYadC" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zMztrUVqxLK" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z3dluuj3O0ma" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.46%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0034 0.0030 0.0011 0.0001 0.0076 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. 0.0034 0.0000 0.0011 0.0001 0.0046 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zguzlZ23UBPh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zEravFuCX9H4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America High Yield Bond Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zUoqPBjjGXma" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z691CCIM2sQe" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDyw3wVPEtN" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zwASOL29lwOl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000004647Member_zHkAlbASDtod" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$78</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$243</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$422</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$942</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America High Yield Bond Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zv8TbpU8CXRa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zuS05fyxfiai" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zeCTuyeQPXl" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zJz71ae7CgP8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000067978Member_z2ntk5ZUHZUi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$148</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$258</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$579</td></tr> </table> 78 243 422 942 47 148 258 579 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98F_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001740Member_zreqFwGpp9X4" style="border-bottom: black 1pt solid; width: 16%; text-align: right">70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.70 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in high-yield, high-risk debt securities (“junk bonds”) and related investments that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency, or, if not rated by any credit rating agency, determined to be below investment-grade quality by PPM America, Inc. (“Sub-Adviser”). Below investment grade securities could include split-rated securities, which are securities that are rated as investment grade by at least one credit rating agency but rated below investment grade by another agency. Below investment grade securities 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. The Fund may also invest up to 20% of its total assets in equity securities (other than preferred stock, in which the Fund may invest without limit). The Fund may invest in securities sold pursuant to Rule 144A of the Securities Act of 1933, as amended. Rule 144A securities are restricted securities that can be resold to qualified institutional buyers but not to the general public. The Fund may also invest in bank loans. The Fund may also invest up to 35% of its total assets in securities of foreign issuers. To the extent that the Fund invests in emerging market debt rated below BBB- or Baa3 by at least one major credit rating agency, or, if not rated by any credit rating agency, determined by Sub-Adviser to be below investment-grade quality, this will be considered as an investment in a high-yield security for purposes of the 80% investment minimum requirement. Additionally, the Fund has the ability to invest in other investment companies, such as exchange-traded funds (“ETFs”), money market funds, unit investment trusts and open-end and closed-end funds, including affiliated investment companies. For purposes of satisfying the 80% requirement, the Fund may invest in high yield ETFs comprised of the securities described above. The Fund generally uses high yield ETFs as a tool to obtain exposure to the securities in which it primarily invests. In seeking to maximize income, the Sub-Adviser seeks to identify the best relative value investment opportunities across various debt sectors by analyzing overall economic conditions within and among these sectors. In pursuing capital appreciation, the Sub-Adviser looks for those companies that it believes have the highest potential for improving credit fundamentals. In light of the risks associated with high yield securities, the Sub-Adviser takes various factors into consideration in evaluating the creditworthiness of an issuer. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in high-yield, high-risk debt securities (“junk bonds”) and related investments that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency, or, if not rated by any credit rating agency, determined to be below investment-grade quality by PPM America, Inc. (“Sub-Adviser”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity. 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. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. 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. 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. 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. 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. 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. 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. 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. 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. 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. Effective June 24, 2019, the Fund was combined with JNL/PPM America Long Short Credit Fund (“Acquired Fund”), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. Effective April 27, 2026, the Fund was combined with JNL/T. Rowe Price U.S. High Yield Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zODjGNFLXZCb"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zcmZ4BwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004647Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_416_20160101__20161231_zYUfPzLh8Fuh"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">17.23%</td></tr> <tr id="xdx_41F_20170101__20171231_zSgM0rVOtUD3"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">7.49%</td></tr> <tr id="xdx_417_20180101__20181231_zFwh9OTMtHQ9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.30%</td></tr> <tr id="xdx_415_20190101__20191231_zdZx0n5MgG95"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.59%</td></tr> <tr id="xdx_410_20200101__20201231_znCfiOlE7Rsc" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.11%</td></tr> <tr id="xdx_416_20210101__20211231_zP1t7MN6FBN4" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">5.75%</td></tr> <tr id="xdx_414_20220101__20221231_zu5QxPGPaxM9"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.72%</td></tr> <tr id="xdx_410_20230101__20231231_zjC6ZMci8Ea"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.83%</td></tr> <tr id="xdx_413_20240101__20241231_zQgYZevEruSk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">7.93%</td></tr> <tr id="xdx_41D_20250101__20251231_zjVT4XmtoZVe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.43%</td></tr> </table> <img alt="PerformanceBarChartData(2016:17.23,2017:7.49,2018:-5.3,2019:14.59,2020:5.11,2021:5.75,2022:-11.72,2023:12.83,2024:7.93,2025:8.43)" src="jnlst485bpos172.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.58%; Worst Quarter (ended 3/31/2020): -13.60% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eN5pPMAcj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067978Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_410_20160101__20161231_zvSu286jk7Sk"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">17.34%</td></tr> <tr id="xdx_413_20170101__20171231_zJykvxHz0131"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">7.79%</td></tr> <tr id="xdx_41A_20180101__20181231_zhTbLVNkvxbh"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-5.06%</td></tr> <tr id="xdx_41A_20190101__20191231_zOY1VYuaT6nd"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.92%</td></tr> <tr id="xdx_41E_20200101__20201231_zMXM5PuJtGDd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">5.45%</td></tr> <tr id="xdx_41A_20210101__20211231_znHE0FJTzqU" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">6.10%</td></tr> <tr id="xdx_41C_20220101__20221231_z3w2HZhCLkel"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.44%</td></tr> <tr id="xdx_416_20230101__20231231_zicn9eR2wBKh"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">13.16%</td></tr> <tr id="xdx_413_20240101__20241231_z0ogpKRkrlpd"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">8.25%</td></tr> <tr id="xdx_41D_20250101__20251231_zDJwlEjmFyEg"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">8.78%</td></tr> </table> <img alt="PerformanceBarChartData(2016:17.34,2017:7.79,2018:-5.06,2019:14.92,2020:5.45,2021:6.1,2022:-11.44,2023:13.16,2024:8.25,2025:8.78)" src="jnlst485bpos173.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.56%; Worst Quarter (ended 3/31/2020): -13.47% 0.1723 0.0749 -0.0530 0.1459 0.0511 0.0575 -0.1172 0.1283 0.0793 0.0843 Best Quarter 2020-06-30 0.0858 Worst Quarter 2020-03-31 -0.1360 0.1734 0.0779 -0.0506 0.1492 0.0545 0.0610 -0.1144 0.1316 0.0825 0.0878 Best Quarter 2020-06-30 0.0856 Worst Quarter 2020-03-31 -0.1347 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zi3wFTPL6Y3h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z3SzVlsDrxc6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zNoGjjAOKn75" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zKgcDqlnAmra" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zdpbveEefJa1" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004647Member_z0aegp04ktni" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PPM America High Yield Bond Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.43</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_ztR7VBJmHcxh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSHighYield2PercentIssuerCapIndexMember_zbyYgTAL5ng" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zFLNoN28w7be" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_z3spaZCLhffa" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zWdlh6CHM3R" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067978Member_z1jgbcbYEi02" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PPM America High Yield Bond Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.78</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.18</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zjxRgGDVXgdi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSHighYield2PercentIssuerCapIndexMember_z4B6dgSkOAmg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. High Yield 2% Issuer Cap Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">8.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.52</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0843 0.0427 0.0589 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0862 0.0450 0.0652 0.0878 0.0460 0.0618 0.0730 -0.0036 0.0201 0.0862 0.0450 0.0652 JNL/PPM America Investment Grade Credit Fund Class A Class I Investment Objective. The Fund seeks to realize maximum total return, consisting of income and capital appreciation. 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zQNVEigYbey"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z8h9fYmtUIya"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zyQD1T5xYIM7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000248335Member_zBjNvqgjcEMd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zWpVmyfrnxce" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.38%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zlTvIm8mzFva" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zzrySGML8BU6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z2pH8YWYBOif" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000248334Member_zKLrZej4tiwh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zSpEaUJs75C9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.38%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zsJQbP4n9bBk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zycWSOIqvdwe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zHKYnDDb6vkc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0038 0.0030 0.0015 0.0083 0.0038 0.0000 0.0015 0.0053 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zovUzCyJKqb3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zSy9a28wH0k" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Investment Grade Credit Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zU12wB88Nmn2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zwUDL27Bl5Hd" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zhs4Pvm4P9x1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zdLcBOCl0e3c" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000248335Member_zh0pews1dun9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Investment Grade Credit Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zduTSugNBBYf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zzlwLxb8CPf" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zUfgGUbhRcWi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zjMzyzJ5Yvwk" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000248334Member_zsML0TD7DDIk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$170</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td></tr> </table> 85 265 460 1025 54 170 296 665 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98D_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000084075Member_zYu7ZizsnrZ4" style="border-bottom: black 1pt solid; width: 16%; text-align: right">70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.70 Principal Investment Strategies. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of U.S. dollar-denominated investment grade debt securities of U.S. and foreign issuers (measured at the time of purchase). The debt securities in which the Fund may invest include, but are not limited to, government, corporate, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities and cash equivalents. Investment grade securities are securities that are rated investment grade (i.e., rated at or above BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be investment-grade quality by PPM America, Inc. (the “Sub-Adviser”). The Sub-Adviser will consider split-rated securities, which are securities that are rated as investment grade by at least one credit rating agency but rated below investment grade by another agency, to be investment grade securities. The Fund will seek to maintain a portfolio duration within one year (plus or minus) of the duration of the Bloomberg U.S. Credit Index. Duration is a measure of a bond price’s sensitivity to a change in interest rates (e.g., if interest rates were to rise in a parallel manner by an equal 1%, a bond or bond fund with a five-year average duration would lose approximately 5% of its value). As of December 31, 2025, the ten-year historical average duration of the Bloomberg U.S. Credit Index was 6.04 years. The Fund’s investments in U.S. dollar-denominated securities of foreign issuers may include securities of issuers based in emerging markets. Emerging markets countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard & Poor’s Corporation or recognized to be a developing country by the United Nations. For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments, including commodity-linked derivative instruments, that have economic characteristics similar to the fixed income instruments mentioned above such as futures contracts, options or swap agreements. Specifically, the Fund may use treasury futures to hedge or manage duration or to increase the Fund’s exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices (CDX) to increase or decrease the Fund’s exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may, subject to applicable law, invest without limitation in derivative instruments. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into purchase and sale contracts of mortgage pools or by using other investment techniques (such as dollar rolls), subject to applicable law. Additionally, the Fund has the ability to invest in other investment companies, such as money market funds and exchange-traded funds (“ETFs”). For purposes of satisfying the 80% requirement, the Fund may invest in fixed income ETFs comprised of the securities described above. The Fund may also invest in contingent convertible securities, sometimes referred to as “CoCos.” CoCos are a form of hybrid debt security issued by banking institutions that are intended to either automatically convert into equity or have their principal written down upon the occurrence of certain pre-specified trigger events. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of U.S. dollar-denominated investment grade debt securities of U.S. and foreign issuers (measured at the time of purchase). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. 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. 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. When-issued and delayed delivery securities and forward commitments risk – When-issued, delayed delivery securities and forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. 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. 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. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity. Contingent convertible securities risk – Contingent convertible securities (“CoCos”) are a form of hybrid fixed-income instrument. They are subordinated instruments that are designed to behave like bonds or preferred equity in times of economic health for the issuer, yet absorb losses when a pre-determined “trigger event” affecting the issuer occurs. CoCos are either convertible into equity at a predetermined share price or written down if a pre-specified trigger event occurs (in certain circumstances, the value may be written down to zero). Trigger events vary by individual security and are defined by the documents governing the contingent convertible security. The triggers are generally linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution’s continued viability as a going-concern. CoCos’ unique equity conversion or principal write-down features are tailored to the issuing banking institution and its regulatory requirements. If the CoCos are converted into the issuer’s underlying equity securities following a conversion event (i.e., a “trigger”), each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose 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. 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. 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. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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 broad-based securities market indices 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. 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 broad-based securities market indices 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. <div id="xdx_A86_eoef--BarChartTableTextBlock_z7vo7GTo7bS8"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkI4c" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000248335Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41A_20250101__20251231_zqjlunJFZSe8"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.20%</td></tr> </table> <img alt="PerformanceBarChartData(2025:7.2)" src="jnlst485bpos174.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 3/31/2025): 2.31%; Worst Quarter (ended 12/31/2025): 0.72% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9gD5pPMAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000248334Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_411_20250101__20251231_zLul2ePl3aNc"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.57%</td></tr> </table> <img alt="PerformanceBarChartData(2025:7.57)" src="jnlst485bpos175.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 9/30/2025): 2.48%; Worst Quarter (ended 12/31/2025): 0.81% 0.0720 Best Quarter 2025-03-31 0.0231 Worst Quarter 2025-12-31 0.0072 0.0757 Best Quarter 2025-09-30 0.0248 Worst Quarter 2025-12-31 0.0081 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zqZmKcgIt3Aj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zejqFborUe4f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_ze9J8tVftHJ4" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_495_20240429__20251231_zIIxo7GjRbl3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (April 29, 2024)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248335Member_zziafN9h7vt4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/PPM America Investment Grade Credit Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.20</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">6.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zEouQzM7Ji9g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.12</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSCreditIndexMember_z4DREdjvKCC3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zQUwcQ50JKH8" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_495_20240429__20251231_zbInsoUVzxRd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 29, 2024)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000248334Member_zcWMsAj3iEDg" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/PPM America Investment Grade Credit Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.57</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zvhpnTG3js14" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.12</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSCreditIndexMember_zZEOELzm8ata" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2024-04-29 0.0720 0.0676 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0712 0.0783 0.0772 2024-04-29 0.0757 0.0716 0.0730 0.0712 0.0783 0.0772 JNL/PPM America Total Return Fund Class A Class I Investment Objective. The investment objective of the Fund is to realize maximum total return, consistent with the preservation of capital and prudent investment management. 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_z213yN2pjc2h"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zt2bi7QJXBk1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zjZaiaiKKgBj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000166583Member_zZVEIhgXSUuc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zEv0iuyWcOFi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.38%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zOjwnaSEDt03" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z8KZ2bqftS57" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zfTiJoULDMZg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000192220Member_zrtpIuW8MBF8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zZfXBu2pW8Ob" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.38%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbMtp4WbjPtg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zSXj3QpAmUYc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zvIzHwlyEjIf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.49%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0038 0.0030 0.0011 0.0079 0.0038 0.0000 0.0011 0.0049 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_ziH9WtW6rAS1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zQm33xnURFP8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Total Return Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zR46YE33y0d6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_za4b2mynK1j7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_z0sNfAekbF0i" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zNxlkMFswT34" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000166583Member_zEGgt4IRPQ9d" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$81</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$978</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/PPM America Total Return Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zrxQA9VpMe3e" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zw6f95Vxg6wa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zvyO3CEyTNHh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zgXRQ3sEm8f9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000192220Member_z45cNpuLcJEf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$157</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$616</td></tr> </table> 81 252 439 978 50 157 274 616 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_981_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000052996Member_zE6zHBFyv5ad" style="border-bottom: black 1pt solid; width: 16%; text-align: right">106</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.06 Principal Investment Strategies. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of fixed-income investments of U.S. and foreign issuers such as government, corporate, mortgage-backed securities and other asset-backed securities and cash equivalents. The Sub-Adviser also invests in collateralized loan obligations. The Fund’s average portfolio duration normally varies within one year (plus or minus) of the duration of the Bloomberg U.S. Aggregate Index. Duration is a measure of a bond price’s sensitivity to a change in interest rates. Generally, the longer a bond’s duration, the greater its price sensitivity to a change in interest rates. For example, portfolio duration of one year means that if interest rates increased by one percent, the value of the portfolio would decrease by approximately one percent. The Fund seeks to manage duration versus the duration of the Bloomberg U.S. Aggregate Index as a reflection of its expectation for future changes in interest rates. The Fund may invest up to 20% of its total assets in securities rated below investment grade (sometimes referred to as “high yield” securities or “junk bonds”), including floating rate loans and securities of distressed companies. High yield or junk bonds are bonds that are rated below investment grade (i.e., rated below BBB- or Baa3) by at least one major credit rating agency or, if not rated by any credit rating agency, deemed to be below investment-grade quality by PPM America, Inc. (“Sub-Adviser”). Investment grade securities could include split-rated securities, which are securities that are rated as investment grade by at least one credit rating agency but rated below investment grade by another agency. Below investment grade securities 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. The Fund may invest without limit in U.S. dollar-denominated securities of foreign issuers, up to 15% of which may be issued by issuers based in emerging markets. Emerging markets countries are generally considered to be countries with developing economies or markets and may include any country recognized to be an emerging market country by the International Monetary Fund, MSCI, Inc. or Standard & Poor’s Corporation or recognized to be a developing country by the United Nations. For purposes of satisfying the 80% requirement, the Fund may also invest in derivative instruments, including commodity-linked derivative instruments, that have economic characteristics similar to the fixed income instruments mentioned above such as futures contracts or swap agreements. Specifically, the Fund may use treasury futures to hedge or manage duration or to increase or decrease the Fund’s exposure to interest rate or yield curve risk. The Fund may also use credit default swaps or credit default swap indices (CDX) to increase or decrease the Fund’s exposure to credit risk or to hedge credit risk in a particular name, industry or sector. The Fund may, subject to applicable law, invest without limitation in derivative instruments. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into purchase and sale contracts of mortgage pools or by using other investment techniques, subject to applicable law, (such as dollar rolls). Additionally, the Fund has the ability to invest in other investment companies, such as exchange-traded funds (“ETFs”), money market funds, unit investment trusts and open-end and closed-end funds, including affiliated investment companies. The Fund may also invest in contingent convertible securities, sometimes referred to as “CoCos.” CoCos are a form of hybrid debt security issued by banking institutions that are intended to either automatically convert into equity or have their principal written down upon the occurrence of certain pre-specified trigger events. The Fund seeks to achieve its objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified portfolio of fixed-income investments of U.S. and foreign issuers such as government, corporate, mortgage-backed securities and other asset-backed securities and cash equivalents. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. 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. 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. 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. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” 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. 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. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. 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. 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. 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. 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. When-issued and delayed delivery securities and forward commitments risk – When-issued, delayed delivery securities and forward commitments transactions arise when securities are purchased by the Fund with payment and delivery taking place in the future in order to secure what is considered to be an advantageous price or yield to the Fund at the time of entering into the transaction. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. 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. 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. Rule 144A securities risk – Rule 144A securities are securities offered as exempt from registration with the SEC, but may be treated as liquid securities because there is a market for such securities. Rule 144A securities may have an active trading market, but carry the risk that the active trading market may not continue. To the extent that institutional buyers become, for a time, uninterested in purchasing Rule 144A securities, investing in such securities could increase the Fund’s level of illiquidity. 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. Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. Collateralized loan obligations risk – Collateralized loan obligations (“CLOs”) are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or “tranches” of debt that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and exhaustion of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as a class. The risks of investing in CLOs depend largely on the tranche invested in and the type of the underlying loans in the tranche of the CLO in which the Fund invests. Subordinate tranche investments involve greater risk of loss than more senior tranches. CLOs also carry risks including, but not limited to, interest rate risk and credit risk. 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. 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. The performance data below includes the performance of the JNL/PPM America Total Return Fund, then a series of JNL Investors Series Trust, for periods before the Fund's registration statement became effective. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A84_eoef--BarChartTableTextBlock_zNDjPy18RJs1"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MwSkV9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000166583Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_41D_20160101__20161231_zLxUBvUXbjKc"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">5.68%</td></tr> <tr id="xdx_419_20170101__20171231_zKA0N3rmDkA8"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">4.27%</td></tr> <tr id="xdx_41F_20180101__20181231_zODdgKVuyW1l"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-1.23%</td></tr> <tr id="xdx_41A_20190101__20191231_z5ytaA5LFGJ6"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">10.06%</td></tr> <tr id="xdx_41D_20200101__20201231_z5mWOwuK7wli" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">9.85%</td></tr> <tr id="xdx_415_20210101__20211231_ziNxVSOZnuo2" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-1.15%</td></tr> <tr id="xdx_41C_20220101__20221231_zbxIO66uUgtk"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-14.08%</td></tr> <tr id="xdx_41D_20230101__20231231_zqLX6sSMV5X3"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">6.67%</td></tr> <tr id="xdx_415_20240101__20241231_zNtGlcrpGpqj"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.06%</td></tr> <tr id="xdx_419_20250101__20251231_z5kdaeL5udWh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.75%</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.68,2017:4.27,2018:-1.23,2019:10.06,2020:9.85,2021:-1.15,2022:-14.08,2023:6.67,2024:2.06,2025:6.75)" src="jnlst485bpos176.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 7.22%; Worst Quarter (ended 3/31/2022): -6.46% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPVAhj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192220Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_410_20180101__20181231_zQamehwSOI2g"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-0.97%</td></tr> <tr id="xdx_415_20190101__20191231_zGu3L1XNZeIe"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">10.35%</td></tr> <tr id="xdx_41F_20200101__20201231_zon5Igtsv3Q3" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.24%</td></tr> <tr id="xdx_419_20210101__20211231_z24QLpjgKg8d" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.86%</td></tr> <tr id="xdx_41A_20220101__20221231_z0nnNOluTCa1"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.77%</td></tr> <tr id="xdx_410_20230101__20231231_zchGy0RzefV8"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">6.94%</td></tr> <tr id="xdx_419_20240101__20241231_z1y2RBx73pbh"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">2.35%</td></tr> <tr id="xdx_414_20250101__20251231_zEkoD3AbuzK1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.10%</td></tr> </table> <img alt="PerformanceBarChartData(2018:-0.97,2019:10.35,2020:10.24,2021:-0.86,2022:-13.77,2023:6.94,2024:2.35,2025:7.1)" src="jnlst485bpos177.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 7.30%; Worst Quarter (ended 3/31/2022): -6.34% 0.0568 0.0427 -0.0123 0.1006 0.0985 -0.0115 -0.1408 0.0667 0.0206 0.0675 Best Quarter 2023-12-31 0.0722 Worst Quarter 2022-03-31 -0.0646 -0.0097 0.1035 0.1024 -0.0086 -0.1377 0.0694 0.0235 0.0710 Best Quarter 2023-12-31 0.0730 Worst Quarter 2022-03-31 -0.0634 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zgwABLm2oDK6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zQnoGDJ0ye23" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zxFcAotGOJPd" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_z5vdmmdoeVRg" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zB0NY4E8sMna" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000166583Member_z4TkqBEbrMwb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/PPM America Total Return Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.75</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.26</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zFOQmuqKsQGd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zm83A1qcd8W7" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_495_20210101__20251231_zrXRhIh5SSe9" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_496_20170925__20251231_z2WLT7LpKCH2" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192220Member_zKJlYVHnfhdj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/PPM America Total Return Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.10</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">0.04</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">2.40</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zZjfZk42V62b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0675 -0.0026 0.0265 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 2017-09-25 0.0710 0.0004 0.0240 0.0730 -0.0036 0.0172 JNL/RAFI® Fundamental U.S. Small Cap Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the RAFI® Fundamental US Small Company Index. 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. <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zA9WgpCArwHi"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zLiLsIUS8HKc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z2lIBCtGQbEa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000210334Member_zMJcNcp4wGza" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zP4Do44G5qhf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.18%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zANiqpkeIC59" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zYA9mq6Gc4O8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.19%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zHHMP2nnu9oe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000210335Member_zpkJiYEeQdHj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_ziivdCAgcpR8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.18%</td></tr> <tr id="xdx_40D_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUGOP05xLWw5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zFfTAi8a6Nmj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.19%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_z4I9m2hxGqQd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.37%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zQFdiEluWd0b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_z7gMyFvPT9f7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.32%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.05% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0018 0.0030 0.0019 0.0067 0.0018 0.0000 0.0019 0.0037 -0.0005 0.0032 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. This example also assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0hZHSAeqSOa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z0xnzPiZzXYk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/RAFI® Fundamental U.S. Small Cap Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_dn_zTfQF9lTlNJ5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_ztvViDmEuzvh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zbbfpcg6SxT9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zEPRFf7cFDBf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000210334Member_zL0P2W2iHvnf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/RAFI® Fundamental U.S. Small Cap Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_dn_z3JYrAcumTKe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zCJApwhgWmF5" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zCkucoMzF7r1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zilw3dlyyoA4" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000210335Member_zBO6OBReAIe2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$33</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$114</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$203</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$463</td></tr> </table> 68 214 373 835 33 114 203 463 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98B_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000064962Member_zY7yfkbtlJp2" style="border-bottom: black 1pt solid; width: 16%; text-align: right">26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.26 Principal Investment Strategies. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the component securities (“Component Securities”) of the RAFI Fundamental US Small Company Index (the “Index”). The Fund may invest the remainder of its assets in cash, securities, and instruments that are not Component Securities but which Mellon Investments Corporation, the Fund’s sub-adviser (“Sub-Adviser”), believes will help the Fund track its Index. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. The Index is constructed by RAFI Indices, LLC (the “Index Provider”). The Index Provider uses a fundamental weighting approach to construct the Index, which includes a diversified universe of U.S. small companies determined by the relative size of each company based on a company’s fundamental footprint, including adjusted sales, cash flow, dividends and buybacks, and book value. As of December 31, 2025, the Index consisted of 946 Component Securities. The Index is reconstituted annually and rebalanced on a quarterly staggered basis on the last business day of March, June, and September and the third Friday of December. The Index is split into four equal parts (tranches), and each tranche has equal weight at the March rebalance. Each tranche is rebalanced once a year to target weights determined for that quarter. The Sub-Adviser uses a “passive” or “indexing” approach to try to achieve the Fund’s investment objective. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund's objective. The Fund's use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may also invest in exchange-traded funds (“ETFs”) to assist with index rebalances and to meet redemption or purchase requests. The Fund's holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest, without limitation, in U.S. equity and equity-related securities, including common and preferred securities, securities of real estate companies and real estate investment trusts (“REITs”). In addition to futures, as described above, the Fund may also invest in other derivative instruments, such as options or swap agreements. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the component securities (“Component Securities”) of the RAFI Fundamental US Small Company Index (the “Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Limited management, trading cost and rebalance risk – Investing primarily according to specific, mechanical criteria applied on a specific date each year may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the selected companies during the year. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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 additional indices 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. Performance shown below reflects the historical performance of the JNL/Mellon Capital S&P® SMid 60 Fund, then a series of JNL Variable Fund LLC, for periods before the Fund's registration statement became effective on June 24, 2019. Consistent with the Fund’s principal investment strategies, the Fund uses the Morningstar® U.S. Small Cap Extended IndexSM as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zUg7D5iM1iOb"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2UmDvcwApY8" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210334Member_zErbiF0ULcf7" style="font-weight: bold; text-align: left; width: 50%">175</td></tr> <tr id="xdx_419_20160101__20161231_zKONxgt6P3Bi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">34.40%</td></tr> <tr id="xdx_419_20170101__20171231_zSxr1fYuDM5d"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-2.21%</td></tr> <tr id="xdx_411_20180101__20181231_zbYPNvyOz4Z6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-22.96%</td></tr> <tr id="xdx_41F_20190101__20191231_zSIVMBSnJM5k"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">13.61%</td></tr> <tr id="xdx_411_20200101__20201231_z1pYZgy2FL21" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">8.62%</td></tr> <tr id="xdx_41F_20210101__20211231_zpuWWc7LPFzg" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.24%</td></tr> <tr id="xdx_415_20220101__20221231_zMq0n96YpoL8"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-14.02%</td></tr> <tr id="xdx_414_20230101__20231231_zs4jdDgPpbU5"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.25%</td></tr> <tr id="xdx_413_20240101__20241231_zFlHq72VOo37"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">10.72%</td></tr> <tr id="xdx_41A_20250101__20251231_zvPepoMu2yY4"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">6.80%</td></tr> </table> <img alt="PerformanceBarChartData(2016:34.4,2017:-2.21,2018:-22.96,2019:13.61,2020:8.62,2021:30.24,2022:-14.02,2023:17.25,2024:10.72,2025:6.8)" src="jnlst485bpos178.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 26.04%; Worst Quarter (ended 3/31/2020): -33.98% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zCJMkUq0O7c9" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210335Member_zRZCRi6ITC7d" style="font-weight: bold; text-align: left; width: 50%">176</td></tr> <tr id="xdx_41C_20160101__20161231_zP9I2sM2N0Fi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">34.42%</td></tr> <tr id="xdx_415_20170101__20171231_zTKw2iBOCdY4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">-1.88%</td></tr> <tr id="xdx_411_20180101__20181231_zEFmY3jIINm5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-22.73%</td></tr> <tr id="xdx_416_20190101__20191231_zEctBOIOoa4"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">14.03%</td></tr> <tr id="xdx_411_20200101__20201231_z1qaVeKloDK1" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">9.02%</td></tr> <tr id="xdx_41F_20210101__20211231_zfHF0jZIZwN9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">30.78%</td></tr> <tr id="xdx_415_20220101__20221231_zMnUVxDoSDG2"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-13.70%</td></tr> <tr id="xdx_414_20230101__20231231_z3U2I1hZh3Vj"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">17.64%</td></tr> <tr id="xdx_413_20240101__20241231_zjUa4Nk5ko5a"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">11.07%</td></tr> <tr id="xdx_418_20250101__20251231_z6SqM6ywodZ7"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">7.17%</td></tr> </table> <img alt="PerformanceBarChartData(2016:34.42,2017:-1.88,2018:-22.73,2019:14.03,2020:9.02,2021:30.78,2022:-13.7,2023:17.64,2024:11.07,2025:7.17)" src="jnlst485bpos179.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 26.06%; Worst Quarter (ended 3/31/2020): -33.89% 0.3440 -0.0221 -0.2296 0.1361 0.0862 0.3024 -0.1402 0.1725 0.1072 0.0680 Best Quarter 2020-12-31 0.2604 Worst Quarter 2020-03-31 -0.3398 0.3442 -0.0188 -0.2273 0.1403 0.0902 0.3078 -0.1370 0.1764 0.1107 0.0717 Best Quarter 2020-12-31 0.2606 Worst Quarter 2020-03-31 -0.3389 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zWzGStj5Rd12"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zWJSw3WHL8yl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zjgjNdpLMa8f" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_490_20210101__20251231_z3wxWqW5mi2i" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zXk4QB2GECq" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210334Member_zFAuwkByktkk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/RAFI® Fundamental U.S. Small Cap Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.80</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">6.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zSWj8Q5nn5c6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RAFIFundamentalUSSmallCompanyIndexMember_zVjyHdwppaU5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">RAFI Fundamental US Small Company Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.51</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.93</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapExtendedIndexMember_zKxpenzqVryi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zQFg8CslqlM8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_490_20210101__20251231_zOWlV6xnywr8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49B_20160101__20251231_zD5OFoBpS1Te" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210335Member_zNyek9RApmCd" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/RAFI® Fundamental U.S. Small Cap Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zfPWSHEKZTZ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RAFIFundamentalUSSmallCompanyIndexMember_zTFF4DGM3d94" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">RAFI Fundamental US Small Company Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.51</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.93</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSSmallCapExtendedIndexMember_z6DAgkdKomxl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Small Cap Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">11.86</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0680 0.0919 0.0685 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0751 0.0993 0.1038 0.1186 0.0694 0.0967 0.0717 0.0959 0.0719 0.1721 0.1313 0.1431 0.0751 0.0993 0.1038 0.1186 0.0694 0.0967 JNL/RAFI® Multi-Factor U.S. Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to track the performance of the RAFI® Multi-Factor US Index. 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zcJWCpmIdo2k"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zM63NSBumgo2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zSntNg8njKXg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000210333Member_zYUoaWnVTjsl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zRA3MGYzcfn" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.17%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztNQc0JQYF0d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zJQ5lyqKxMrb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zWRykUruca77" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000210332Member_zGUVBAunbqP7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zlomY8JcNFbe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.17%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zy6jdrm1O3qb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zLsx6nmmWtJg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z4XEkPoJjCj7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.37%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0017 0.0030 0.0020 0.0067 0.0017 0.0000 0.0020 0.0037 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: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zuh0xvSqUt7b"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zjCAGKMDX3Wc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/RAFI® Multi-Factor U.S. Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zD1PmIM8KHZ1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_z7d8BaOkZwq7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zJVS5mJkz2yd" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_ziORBiUikEm3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000210333Member_z4yo49qhq66h" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/RAFI® Multi-Factor U.S. Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zCkc4WO2VLi8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zXiwN65oKaz1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_z6hAOY4BPMAe" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zrTmvPXTJJn9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000210332Member_zsIEOGgnoiZ7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$38</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$119</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$468</td></tr> </table> 68 214 373 835 38 119 208 468 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_986_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000064961Member_zfzPZgOvr8Ui" style="border-bottom: black 1pt solid; width: 16%; text-align: right">40</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.40 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 component securities (“Component Securities”) of the RAFI Multi-Factor US Index (the “Index”). The Fund may invest the remainder of its assets in cash, securities, and instruments that are not Component Securities but which Mellon Investments Corporation, the Fund’s sub-adviser (“Sub-Adviser”), believes will help the Fund track its Index. The Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. The Index is constructed by RAFI Indices, LLC (the “Index Provider”). The Index Provider uses a rules-based approach to construct five factor portfolios within the Index. The Index equally weights each of the factor portfolios into a combined portfolio of stocks that are weighted by their fundamental size (e.g., earnings, revenues, book value). The Index consists of five “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality, momentum, and size. The value factor emphasizes companies with high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. The size factor is the equal weight of the small company portions, based on a company’s fundamental weight, of the other four factors. A company’s fundamental weight may be adjusted by a “free float factor,” which is the ratio of the total market capitalization of the shares of the company in free float to the total market capitalization of the company. For the value, low volatility, and quality “factor portfolios,” eligible securities are ranked by their factor score, and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio.” For the momentum “factor portfolio,” eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion. The Index is reconstituted on an annual basis and rebalanced on a quarterly basis. As of December 31, 2025, the Index consisted of 837 Component Securities. The Index allocates an equal weight to each factor at each quarterly rebalance. Each factor (other than momentum) is reconstituted annually on the last business day of March and rebalanced on a quarterly staggered basis on the last business day of March, June, and September and the third Friday of December. This staggered rebalancing is intended to diversify risk and decrease market impact. The momentum factor, unlike the other factors, is reconstituted and fully rebalanced quarterly. The Sub-Adviser uses a “passive” or “indexing” approach to try to achieve the Fund’s investment objective. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund's objective. The Fund's use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may also invest in exchange-traded funds ("ETFs") to assist with index rebalances and to meet redemption or purchase requests. The Fund's holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest, without limitation, in U.S. equity and equity-related securities, including common and preferred securities. In addition to futures, as described above, the Fund may also invest in other derivative instruments, such as options or swap agreements. 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 component securities (“Component Securities”) of the RAFI Multi-Factor US Index (the “Index”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Limited management, trading cost and rebalance risk – Investing primarily according to specific, mechanical criteria applied on a specific date each year may prevent a Fund from responding to market fluctuations or changes in the financial condition or business prospects of the selected companies during the year. 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. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. Performance shown below reflects the historical performance of the JNL/Mellon Capital JNL 5 Fund, then a series of JNL Variable Fund LLC, for periods before the Fund's registration statement became effective on June 24, 2019. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zQT3aSkZVOr2"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5B_dU_ztU4Kl2ij4Ib" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210333Member_z7VzGHmzwF0g" style="font-weight: bold; text-align: left; width: 50%">177</td></tr> <tr id="xdx_41D_20160101__20161231_zUtEZTzpwMld"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">12.18%</td></tr> <tr id="xdx_417_20170101__20171231_zGs3v3z0OXA9"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">16.93%</td></tr> <tr id="xdx_41A_20180101__20181231_zy4ezn3T4pD5"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.73%</td></tr> <tr id="xdx_416_20190101__20191231_zoC4x0MM3oQ7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">19.54%</td></tr> <tr id="xdx_41A_20200101__20201231_zniHGkdGmj66" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">9.95%</td></tr> <tr id="xdx_419_20210101__20211231_zJeiYrLBKfT" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">26.39%</td></tr> <tr id="xdx_415_20220101__20221231_zaJWixXxx2Hj"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-8.02%</td></tr> <tr id="xdx_412_20230101__20231231_zFc48UoLvHti"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.06%</td></tr> <tr id="xdx_41C_20240101__20241231_z4uIivCRJmgh"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">18.64%</td></tr> <tr id="xdx_418_20250101__20251231_z0A0lnjXwYMb"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.21%</td></tr> </table> <img alt="PerformanceBarChartData(2016:12.18,2017:16.93,2018:-9.73,2019:19.54,2020:9.95,2021:26.39,2022:-8.02,2023:12.06,2024:18.64,2025:16.21)" src="jnlst485bpos180.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.64%; Worst Quarter (ended 3/31/2020): -24.81% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zqczgfGlx3y2" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000210332Member_zep7OtKCY9vl" style="font-weight: bold; text-align: left; width: 50%">178</td></tr> <tr id="xdx_416_20160101__20161231_z35kGPObuVx9"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">12.40%</td></tr> <tr id="xdx_41C_20170101__20171231_znR9yDr3VDba"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">17.24%</td></tr> <tr id="xdx_413_20180101__20181231_zhVvmCCHlqP9"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.46%</td></tr> <tr id="xdx_417_20190101__20191231_zdOXwYJx1yIb"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">19.76%</td></tr> <tr id="xdx_418_20200101__20201231_zcxRir5SMhM7" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.28%</td></tr> <tr id="xdx_418_20210101__20211231_zDQsokpV3uS9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">26.76%</td></tr> <tr id="xdx_411_20220101__20221231_zvIutsvdBXs9"> <td style="vertical-align: top; text-align: left">2012</td> <td style="vertical-align: middle; text-align: right">-7.75%</td></tr> <tr id="xdx_419_20230101__20231231_zvsu3KDbUi5j"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.42%</td></tr> <tr id="xdx_411_20240101__20241231_z2m5O3nl6Ja5"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">19.05%</td></tr> <tr id="xdx_411_20250101__20251231_z7TPT2c3C1Af"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">16.53%</td></tr> </table> <img alt="PerformanceBarChartData(2016:12.4,2017:17.24,2018:-9.46,2019:19.76,2020:10.28,2021:26.76,2022:-7.75,2023:12.42,2024:19.05,2025:16.53)" src="jnlst485bpos181.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.68%; Worst Quarter (ended 3/31/2020): -24.76% 0.1218 0.1693 -0.0973 0.1954 0.0995 0.2639 -0.0802 0.1206 0.1864 0.1621 Best Quarter 2020-06-30 0.1864 Worst Quarter 2020-03-31 -0.2481 0.1240 0.1724 -0.0946 0.1976 0.1028 0.2676 -0.0775 0.1242 0.1905 0.1653 Best Quarter 2020-06-30 0.1868 Worst Quarter 2020-03-31 -0.2476 <div id="xdx_A85_eoef--PerformanceTableTextBlock_zQMWHcQAxvE7"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zBQsJ6ELOap6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zM6VMolZRrkb" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zFmwkfjyC4h9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zdEvVt6inyg9" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210333Member_zdItGISk6HM3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/RAFI® Multi-Factor U.S. Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.21</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.43</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_z8TJp0tPV17h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RAFIMultiFactorUSIndexMember_zLUxpJky6MW4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">RAFI Multi-Factor US Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.61</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zJXSxhiO1vkk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zrYHIbyQ2V8h" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zc7JR2cBseEk" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000210332Member_z2d2uYNOHdOa" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/RAFI® Multi-Factor U.S. Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.53</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.77</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.13</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zMRo4MYFDSPk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RAFIMultiFactorUSIndexMember_zV1YjR0tvTr5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">RAFI Multi-Factor US Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.61</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1621 0.1243 0.1083 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.1695 0.1316 0.1261 0.1653 0.1277 0.1113 0.1721 0.1313 0.1431 0.1695 0.1316 0.1261 JNL/T. Rowe Price Capital Appreciation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term capital appreciation by investing primarily in common stocks. It may also hold fixed income and other securities to help preserve principal value. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zMNFx4AJ3nrg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zcA9gwv9Ok9e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000218189Member_z096xQHRoRJ8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zLebk7Brcbha" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.51%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkYFU1JtaAwk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_z3w2tH1Qg4T" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.14%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zuPOreFNaJmi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.13% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000218188Member_zWWPFRxjTFE8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z1U2tyDNa7K" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.51%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zteviF6wtOR2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zYA3TUOmjsJi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.14%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zeZ6Uyujt1w5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.13% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0051 0.0030 0.0014 0.0095 0.0051 0.0000 0.0014 0.0065 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWQOLHOs0YYd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_z7rJoXcv4h5d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Capital Appreciation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_zaQoUNCwWggf" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_z1xYtrQNuEf9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zKyVXjUXyPtb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_z3sfF7VmSTYc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000218189Member_zqgtZclIc3Bj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$303</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$525</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,166</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Capital Appreciation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_z7kURHVe6UAl" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_z1akyHlwYhVj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zaZqta3xnzG9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zMNGEYVR8eq1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000218188Member_z80fiijbyrcl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> 97 303 525 1166 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_982_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000068115Member_zwaVo7Eib2U3" style="border-bottom: black 1pt solid; width: 16%; text-align: right">124</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.24 Principal Investment Strategies. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 50% of its total assets in common stocks. The remaining assets are generally invested in corporate and government debt (including mortgage- and asset-backed securities) and bank loans (which represent an interest in amounts owed by a borrower to a syndicate of lenders), in keeping with the Fund’s objective. The Fund may invest up to 25% of its total assets in foreign securities. The Fund’s investments in common stocks generally fall into one of two categories: the larger category comprises long-term core holdings whose prices when T. Rowe Price Associates, Inc., the Fund’s sub-adviser (“Sub-Adviser”) buys them are considered low in terms of company assets, earnings, or other factors; the smaller category comprises opportunistic investments whose prices the Sub-Adviser expects to rise in the short term but not necessarily over the long term. There are no limits on the market capitalization of the issuers of the stocks in which the Fund may invest. Because the Sub-Adviser attempts to prevent losses as well as achieve gains, the Sub-Adviser typically uses a value approach in selecting investments. The Sub-Adviser’s research team seeks to identify companies that seem undervalued by various measures, such as price/book value, and may be temporarily out of favor but the Sub-Adviser believes have good prospects for capital appreciation. The Sub-Adviser may establish relatively large positions in companies it finds particularly attractive. The Fund may at times invest significantly in certain sectors. In addition, the Sub-Adviser searches for attractive risk/reward values among all types of securities. The portion of the Fund invested in a particular type of security, such as common stocks, results largely from case-by-case investment decisions, and the size of the Fund’s cash reserves may reflect the Sub-Adviser’s ability to find companies that meet its valuation criteria rather than its market outlook. The Fund may purchase bonds, convertible securities and bank loans for their income or other features or to gain additional exposure to a company. Maturity and quality are not necessarily major considerations, and there are no limits on the maturities or credit ratings of the debt instruments in which the Fund may invest. The Fund may not invest more than 30% of its total assets in below investment-grade debt securities (“junk bonds”) and bank loans combined. If a security is split rated (i.e., rated investment grade by at least one rating agency and noninvestment grade by another rating agency), the higher rating will be used for purposes of this requirement. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 50% of its total assets in common stocks. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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 a security do not occur. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. 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. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. 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. 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. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Cybersecurity risk – Cyber attacks could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result could impact the performance of the Fund. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. 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. The performance data includes the performance of the JNL/T. Rowe Price Capital Appreciation Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund’s registration statement became effective. Effective April 27, 2026, the Fund was combined with JNL/T. Rowe Price Balanced Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A8D_eoef--BarChartTableTextBlock_z8XcNo5vS2U2"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zMHjGWqzgg8d" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218189Member_zEHPxUmkwLL3" style="font-weight: bold; text-align: left; width: 50%">181</td></tr> <tr id="xdx_41D_20160101__20161231_zic8dkzcGIGg"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">7.77%</td></tr> <tr id="xdx_41E_20170101__20171231_ztrRPoIzvkV7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">14.80%</td></tr> <tr id="xdx_416_20180101__20181231_zSq7gdnHCQPi"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.40%</td></tr> <tr id="xdx_415_20190101__20191231_zfy9aEmQ7Cze"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">24.06%</td></tr> <tr id="xdx_410_20200101__20201231_z86OpAlhMlhc" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.48%</td></tr> <tr id="xdx_415_20210101__20211231_zCwpWBDJFgyk" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">17.89%</td></tr> <tr id="xdx_41F_20220101__20221231_z2f68vd7v5uh" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-11.95%</td></tr> <tr id="xdx_41B_20230101__20231231_zd59xO87VLO1" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">18.43%</td></tr> <tr id="xdx_41D_20240101__20241231_zwxLRzS3nU06" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">12.30%</td></tr> <tr id="xdx_417_20250101__20251231_z1AGiYBG8pga" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">11.465</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.77,2017:14.8,2018:0.4,2019:24.06,2020:17.48,2021:17.89,2022:-11.95,2023:18.43,2024:12.3,2025:11.46)" src="jnlst485bpos182.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.44%; Worst Quarter (ended 3/31/2020): -11.85% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A52_dU_zdYybMIJDXVj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218188Member_zZz04WgwA8v" style="font-weight: bold; text-align: left; width: 50%">182</td></tr> <tr id="xdx_416_20180101__20181231_zCnZnUlYhlnb"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">0.67%</td></tr> <tr id="xdx_415_20190101__20191231_zlPPzPCb8Nuk"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">24.44%</td></tr> <tr id="xdx_410_20200101__20201231_zOysB3XUlZ85" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">17.85%</td></tr> <tr id="xdx_415_20210101__20211231_zsH6GETPzyQ4" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">18.19%</td></tr> <tr id="xdx_41F_20220101__20221231_zBrLrFkmN0x5" style="vertical-align: top"> <td style="text-align: left">2022</td> <td style="text-align: right">-11.65%</td></tr> <tr id="xdx_41B_20230101__20231231_zDfCiuyscPWi" style="vertical-align: top"> <td style="text-align: left">2023</td> <td style="text-align: right">18.78%</td></tr> <tr id="xdx_41D_20240101__20241231_z6rEIAAuyINd" style="vertical-align: top"> <td style="text-align: left">2024</td> <td style="text-align: right">12.65%</td></tr> <tr id="xdx_417_20250101__20251231_zUuykhebZPq6" style="vertical-align: top"> <td style="text-align: left">2025</td> <td style="text-align: right">11.79%</td></tr> </table> <img alt="PerformanceBarChartData(2018:0.67,2019:24.44,2020:17.85,2021:18.19,2022:-11.65,2023:18.78,2024:12.65,2025:11.79)" src="jnlst485bpos183.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.56%; Worst Quarter (ended 3/31/2020): -11.79% 0.0777 0.1480 0.0040 0.2406 0.1748 0.1789 -0.1195 0.1843 0.1230 0.11465 Best Quarter 2020-06-30 0.1344 Worst Quarter 2020-03-31 -0.1185 0.0067 0.2444 0.1785 0.1819 -0.1165 0.1878 0.1265 0.1179 Best Quarter 2020-06-30 0.1356 Worst Quarter 2020-03-31 -0.1179 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zi5U2VOVj1B9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zxnmv6I74PC9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zHSBsyCaWhka" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zx7R49DHNoM6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49C_20160101__20251231_zy3UCriO1klk" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218189Member_zlUvOLXqB7D2" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Capital Appreciation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">11.46</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.79</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zxZwAcQm42Sf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentSAndP500IndexFortyPercentBloombergUSAggregateIndexMember_zmvZSFX7KXy2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zE3t5nV9bkS6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zDvwKnukzTZk" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_496_20210101__20251231_z9Qj9EkO0ag8" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_490_20170925__20251231_zU0ltAdOcLza" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218188Member_zCFM9B6uuUI1" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/T. Rowe Price Capital Appreciation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.79</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">9.33</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">11.07</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zGEEbUa9hdD6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentSAndP500IndexFortyPercentBloombergUSAggregateIndexMember_zGo0JrG5Xslh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.47</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.69</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zydUZyEQhy86" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1146 0.0900 0.1079 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1370 0.0847 0.0978 0.0730 -0.0036 0.0201 2017-09-25 0.1179 0.0933 0.1107 0.1788 0.1442 0.1482 0.1370 0.0847 0.0969 0.0730 -0.0036 0.0172 JNL/T. Rowe Price Capital Appreciation Equity Fund Class A Class I 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zvfqAKNLsbMj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zgYus1FeCcy3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_znDLOeRzVcCj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000252143Member_zkvMuSJQFF47" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zupvksS8w016" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBDPAxUcbB4k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zbLqbpT9q952" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zIfOzvsy8CZ5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.97%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td id="xdx_F17_z4CxrOJJ06x9" style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000252142Member_zrjvsdqFCmE7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zmv3qm18zBal" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.52%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zn02o5BRL188" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zJ7p4ICWEso8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_z71DA0yhuW9c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.67%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0052 0.0030 0.0015 0.0097 Expense information has been restated to reflect current fees. 0.0052 0.0000 0.0015 0.0067 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: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zO5l32WjE3cc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zIqUx004qSOc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Capital Appreciation Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_z50w4EHcUvf1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zktb9QNztz1i" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zXVELHSBagV2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zeI85jzxDb6g" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000252143Member_z6IojbyHRR1j" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$99</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$309</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$536</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,190</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Capital Appreciation Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zIqEqKOLlAGj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zUN1CNh3gKA3" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zihLqHy3dxS9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zsPXTmkkVaCg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000252142Member_z5WP6mwamATd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$214</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$373</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$835</td></tr> </table> 99 309 536 1190 68 214 373 835 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98D_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000086556Member_z04DQvcBZoO1" style="border-bottom: black 1pt solid; width: 16%; text-align: right">82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.82 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 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 evaluates a number of characteristics about the companies, such as management, risk-adjusted return potential, market position, and/or stock valuation. 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 sector. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. 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 equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8A_eoef--BarChartTableTextBlock_zastgKHCkVSi"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zfQcxPz7lPn4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252143Member_z6cjB43ntst3" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_411_20250101__20251231_zrOuRYHOZzY6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.63%</td></tr> </table> <img alt="PerformanceBarChartData(2025:14.63)" src="jnlst485bpos184.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 9.16%; Worst Quarter (ended 3/31/2025): -3.03% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zfQcsPz7lPn4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000252142Member_zmDYBlwNqm7d" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_411_20250101__20251231_zrOuRYHOZvY6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.92%</td></tr> </table> <img alt="PerformanceBarChartData(2025:14.92)" src="jnlst485bpos185.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2025): 9.14%; Worst Quarter (ended 3/31/2025): -2.92% 0.1463 Best Quarter 2025-06-30 0.0916 Worst Quarter 2025-03-31 -0.0303 0.1492 Best Quarter 2025-06-30 0.0914 Worst Quarter 2025-03-31 -0.0292 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zKBVLHrWk9T2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zd0BOF6Rtly6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zHHOqyOzRNSf" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_498_20241021__20251231_zpXJteqnCUci" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Fund (October 21, 2024)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252143Member_zHQx9r1OJcTf" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/T. Rowe Price Capital Appreciation Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">14.63</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">11.24</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zBswaioN8WB9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zQcog6URC7T8" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_498_20241021__20251231_zbdkKLiz8DY9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (October 21, 2024)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000252142Member_zkuv3MjBMOa4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL/T. Rowe Price Capital Appreciation Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">14.92</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">11.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z2nfBh82tz5k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">15.26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2024-10-21 0.1463 0.1124 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1526 2024-10-21 0.1492 0.1157 0.1788 0.1526 JNL/T. Rowe Price Growth Stock Fund Class A Class I Investment Objective. The investment objective of the Fund is long-term capital growth through investments in stocks. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_z0pH8OrRG5Ob"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zD8rSRNCPT9a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004656Member_zjiHb1wmk7K2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zUZjE8XDhvJ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.43%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNA6wLYvU0K2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zmFlFXjtlMec" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zp7StMg9uUBj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td id="xdx_F0E_zRbNZzPeWtf3" style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000067987Member_zkEU3y1nens9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zdyMbh6fufMj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.43%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zw5P7xT9eQl9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zlrbaXkQf2u4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zbpGA9A1gFof" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or "Adviser").</td></tr> </table> 0.0043 0.0030 0.0010 0.0083 0.0043 0.0000 0.0010 0.0053 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z5aoDM35T2i"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zOGOpcmfVKD6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Growth Stock Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_znNV06omjJii" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_zczWEBWxbgZb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zTK3I4KE69F9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zNGhVTfXTjQl" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000004656Member_zWJf2qRYMcLd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Growth Stock Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_zAiMTEma67jc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_zf6fw4ghgTEe" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zVGLvnRWZwV7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zB79EHvbK6T3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000067987Member_z8kiYCDMXIqd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$170</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td></tr> </table> 85 265 460 1025 54 170 296 665 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_988_eoef--PortfolioTurnoverRate_dp_c20260423__20260423__dei--LegalEntityAxis__custom--S000001749Member_zTz0pArDOUBk" style="border-bottom: black 1pt solid; width: 16%; text-align: right">34</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.34 Principal Investment Strategies. The Fund seeks to achieve its objective by investing generally in common stocks of large-capitalization companies. T. Rowe Price Associates, Inc. (“Sub-Adviser”) generally seeks investments in stocks of large-capitalization companies, which the Sub-Adviser defines as a company whose market capitalization is larger than the median market capitalization of companies in the Russell 1000 Growth Index, and that has one or more of the following characteristics: strong cash flow and an above-average rate of earnings growth; the ability to sustain earnings momentum during economic downturns; and occupation of a lucrative niche in the economy and the ability to expand even during times of slow economic growth. The Fund’s growth-oriented investment approach to stock selection reflects the belief that when a company increases its earnings faster than both inflation and the overall growth rate of the economy, it may result in a higher stock price. The Fund may at times invest significantly in certain sectors, such as information technology. The Fund’s integrated approach to investing combines fundamental analysis and quantitative models to identify stocks that could be included in the portfolio. Stocks are selected based on a variety of metrics such as a company’s valuation, profitability, stability, earnings quality, management capital allocation actions, and indicators of near-term appreciation potential. As part of the stock selection process, the Sub-Adviser focuses primarily on companies that, in the Sub-Adviser’s opinion, are capable of achieving and sustaining above-average, long-term earnings growth. The Fund may invest up to 30% of its total assets (excluding reserves) in foreign securities, including securities and instruments that are economically tied to emerging markets. The Fund's investments may include holdings in companies that only recently began to trade publicly. The Fund is classified as a “non-diversified” fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest more of its assets in fewer issuers than “diversified” mutual funds. The Fund may invest up to 30% of its total assets (excluding reserves) in foreign securities, including securities and instruments that are economically tied to emerging markets. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model. 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). 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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. 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. 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. 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. 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. 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. 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. 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 26, 2021, the Fund was combined with JNL/Vanguard Capital Growth Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zvJRFqTTQH5k"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zGiDO6fAuG9e" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48E_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004656Member_zNbR9pJecFac" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zMsy7oBprrHb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">1.43</td></tr> <tr id="xdx_41E_20170101__20171231_zZ4D6H6R1ca5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">33.59</td></tr> <tr id="xdx_416_20180101__20181231_zlEAF1Qrmkdk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-1.40</td></tr> <tr id="xdx_415_20190101__20191231_zOBWKgbwuYUi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">31.13</td></tr> <tr id="xdx_41E_20200101__20201231_zm0Uqy9MYP93" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">37.09</td></tr> <tr id="xdx_415_20210101__20211231_zUq4yV1U2K0j" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.43</td></tr> <tr id="xdx_41F_20220101__20221231_zcamPxIIMO4c" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-38.83</td></tr> <tr id="xdx_41B_20230101__20231231_zLCpvCmwCzh6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">48.03</td></tr> <tr id="xdx_41D_20240101__20241231_zBkZ6yW2qM59" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">29.95%</td></tr> <tr id="xdx_417_20250101__20251231_z4YXtSARzwp5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.26%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.43,2017:33.59,2018:-1.4,2019:31.13,2020:37.09,2021:14.43,2022:-38.83,2023:48.03,2024:29.95,2025:15.26)" src="jnlst485bpos186.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.11%; Worst Quarter (ended 6/30/2022): -25.72% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zGes6leCZPng" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067987Member_zLb2mTBQlZxe" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zQGc1hBNG5dd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">1.62</td></tr> <tr id="xdx_41E_20170101__20171231_z0hY4QYnN7X" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">33.90</td></tr> <tr id="xdx_416_20180101__20181231_z4yqns1tkDC7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-1.13</td></tr> <tr id="xdx_415_20190101__20191231_zE2woukX5UPd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">31.54</td></tr> <tr id="xdx_410_20200101__20201231_zXtEXMATsCh5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">37.50</td></tr> <tr id="xdx_415_20210101__20211231_zqaIfpcovxK" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.78</td></tr> <tr id="xdx_41F_20220101__20221231_zcgIRRK9bdmh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-38.63</td></tr> <tr id="xdx_41B_20230101__20231231_zWRVdwWjVlA4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">48.46</td></tr> <tr id="xdx_41D_20240101__20241231_zzM4YANgZYsl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">30.33%</td></tr> <tr id="xdx_417_20250101__20251231_zmkIvx08P4Q8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.61%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.62,2017:33.9,2018:-1.13,2019:31.54,2020:37.5,2021:14.78,2022:-38.63,2023:48.46,2024:30.33,2025:15.61)" src="jnlst485bpos187.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 28.21%; Worst Quarter (ended 6/30/2022): -25.67% 0.0143 0.3359 -0.0140 0.3113 0.3709 0.1443 -0.3883 0.4803 0.2995 0.1526 Best Quarter 2020-06-30 0.2811 Worst Quarter 2022-06-30 -0.2572 0.0162 0.3390 -0.0113 0.3154 0.3750 0.1478 -0.3863 0.4846 0.3033 0.1561 Best Quarter 2020-06-30 0.2821 Worst Quarter 2022-06-30 -0.2567 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zAi75xsfLcU"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_z2A4nqGlGBb8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zkzPJVkMq7Fk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zwshgsLfXki5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49C_20160101__20251231_zHfa7zKKpuZg" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004656Member_zMVA00276EN4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Growth Stock Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.26</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.19</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.06</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z8zhbmXNpVZ1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zXJbUZij8Nui" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_z5fKyVX5DSC3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zuXIHCT8k2M9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49C_20160101__20251231_ztBUaLNWTxLf" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067987Member_zsnZjAy84bM8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Growth Stock Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.61</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.38</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zR2Kw0Cyyowk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadGrowthIndexMember_zL7rYdeSXe35" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.67</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.44</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">16.49</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1526 0.0919 0.1406 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1667 0.1344 0.1649 0.1561 0.0952 0.1438 0.1788 0.1442 0.1482 0.1667 0.1344 0.1649 JNL/T. Rowe Price Mid-Cap Growth Fund Class A Class I 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. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zNF2BHvF4Bu9"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zJwfePU5n9g5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zP8pXcG5OrQe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000004657Member_zZ13P9kvFgie" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zj2FLcU97fx1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.55%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zz41gOULDov4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z4SAkPXTmd0l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zQcHyqqrfA2l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.95%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000067988Member_z2VzPE0J2w8b" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zi1gfk3yT7U3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.55%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zWeu7lCWHwQ" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_z5kYeS1eaN43" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zc723wUOP9L6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.65%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0055 0.0030 0.0010 0.0095 Expense information has been restated to reflect current fees. 0.0055 0.0000 0.0010 0.0065 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zR85AhXoDiog"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zAy8bgH8PS3g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Mid-Cap Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zRiQDKvwAk3e" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zkXWsNNQfG6g" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zo97lh1TDNB2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zdWVk6kLz00i" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000004657Member_z1igs9YsLRp8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$97</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$303</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$525</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,166</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Mid-Cap Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_znGKIFblonD3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zskMb0Z9l1S1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zRHxp2ZsSKu1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zBLJEjQLglge" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000067988Member_zrMP0ZsA5dDj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$66</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$208</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$362</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$810</td></tr> </table> 97 303 525 1166 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_983_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001750Member_znkiD3QZORSj" style="border-bottom: black 1pt solid; width: 16%; text-align: right">33</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.33 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 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 (i) in the Russell MidCap® Growth Index; or (ii) represented in a third-party growth-oriented index and the company’s market capitalization falls within the market capitalization range of companies in the Russell Midcap Index, MSCI USA Mid Cap Index, or MSCI World Mid Cap Index (after systematically removing any companies that cannot reasonably be considered a mid-cap company from the high and low ends of the range of each index). The market capitalization of companies in the Fund’s portfolio, the Russell MidCap® Growth Index, the Russell Midcap Index, the MSCI USA Mid Cap Index, or the MSCI World Mid Cap Index change over time. As of December 31, 2025, the market capitalization range for the Russell MidCap Growth Index was $1.2 billion to $88.9 billion. As of December 31, 2025, the market capitalization range represented across the Russell Midcap Index, MSCI USA Mid Cap Index, and MSCI World Mid Cap Index (after removing any outlier companies) was $1.8 billion to $98 billion. The Fund may at times invest significantly in the same economic sector. In addition, the Fund has the flexibility to purchase stock of some larger and smaller companies that have qualities consistent with the portfolio’s core characteristics. 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. The Fund seeks to achieve its objective by investing at least 80% of its assets (net assets plus the amount of any borrowings 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. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. 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. Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model. Cybersecurity risk – Cyber attacks could cause business failures or delays in daily processing and the Fund may need to delay transactions, consistent with regulatory requirements, as a result could impact the performance of the Fund. 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. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zOguu8S6V4hl"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MxSkI6g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004657Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_419_20160101__20161231_zIWJXowCKMz3"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.08%</td></tr> <tr id="xdx_41E_20170101__20171231_zCiwcKaPBoFk"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">24.47%</td></tr> <tr id="xdx_417_20180101__20181231_zHdiB8v5pWCj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.45%</td></tr> <tr id="xdx_413_20190101__20191231_zX9oJNCN3Ff2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.48%</td></tr> <tr id="xdx_41E_20200101__20201231_zORWiajpZsTd" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">23.55%</td></tr> <tr id="xdx_41B_20210101__20211231_zcWtCnAWdBv4" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">12.91%</td></tr> <tr id="xdx_41B_20220101__20221231_zSTLNhHcGy9g"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-22.07%</td></tr> <tr id="xdx_416_20230101__20231231_zrtwNhrHuRx4"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">19.96%</td></tr> <tr id="xdx_41D_20240101__20241231_zcECazJHvux"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.17%</td></tr> <tr id="xdx_418_20250101__20251231_zk2CSqfJSyHe"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.14%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.08,2017:24.47,2018:-2.45,2019:31.48,2020:23.55,2021:12.91,2022:-22.07,2023:19.96,2024:9.17,2025:3.14)" src="jnlst485bpos188.jpg" style="height: 232px; width: 449px"/> 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 <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pPMAxj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067988Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_417_20160101__20161231_zmRosuEf2wxj"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">6.30%</td></tr> <tr id="xdx_413_20170101__20171231_zVZh7WltEXn4"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">24.75%</td></tr> <tr id="xdx_41E_20180101__20181231_zG80HapElCcl"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-2.15%</td></tr> <tr id="xdx_414_20190101__20191231_z4dPYSXpeEC7"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">31.84%</td></tr> <tr id="xdx_41E_20200101__20201231_z0yGQCzABSze" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">23.93%</td></tr> <tr id="xdx_41B_20210101__20211231_zppufHmCohL5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">13.24%</td></tr> <tr id="xdx_417_20220101__20221231_zBySVXCdjVRe"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-21.83%</td></tr> <tr id="xdx_419_20230101__20231231_zUgU0Glc3Ldi"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">20.32%</td></tr> <tr id="xdx_418_20240101__20241231_znT5CCJOsvdl"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">9.51%</td></tr> <tr id="xdx_41C_20250101__20251231_zwlNvfLzIqH1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">3.46%</td></tr> </table> <img alt="PerformanceBarChartData(2016:6.3,2017:24.75,2018:-2.15,2019:31.84,2020:23.93,2021:13.24,2022:-21.83,2023:20.32,2024:9.51,2025:3.46)" src="jnlst485bpos189.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2020): 27.95%; Worst Quarter (ended 3/31/2020): -23.34% 0.0608 0.2447 -0.0245 0.3148 0.2355 0.1291 -0.2207 0.1996 0.0917 0.0314 Best Quarter 2020-06-30 0.2786 Worst Quarter 2020-03-31 -0.2341 0.0630 0.2475 -0.0215 0.3184 0.2393 0.1324 -0.2183 0.2032 0.0951 0.0346 Best Quarter 2020-06-30 0.2795 Worst Quarter 2020-03-31 -0.2334 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_z0DyKSxmPdSf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zJdUOaLhCqV9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zxH8isLlKL53" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zPyLdWdeBAb7" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z3psND5PpGyd" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004657Member_zajN0Yo3KsR1" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Mid-Cap Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.14</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.52</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zQXRnGNJrh02" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadGrowthIndexMember_zMk8Jsuuc418" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zrBCK1xWLUI5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zIRNazaQeZC8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_znH3FrC08uIc" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067988Member_z3b26ZdjYmJb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Mid-Cap Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.46</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zhTQw0aN1JIi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMidCapBroadGrowthIndexMember_z6aBAow5kAB4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Mid Cap Broad Growth Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.78</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0314 0.0352 0.0954 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1313 0.1431 0.0678 0.0607 0.1188 0.0346 0.0383 0.0985 0.1721 0.1313 0.1431 0.0678 0.0607 0.1188 JNL/T. Rowe Price Short-Term Bond Fund Class A Class I Investment Objective. The investment objective of the Fund is a high level of income consistent with minimal fluctuation in principal value and liquidity. 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. <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zL0vLANrqn73"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zVgO5Z9MXmu1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zTyMtwcblIpb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000029598Member_zK55ZTK0Q2bj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zm6aQVlckvMc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.31%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXqmXUJd1hij" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zP8pf6mtwXfk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zFmP87IbBwI" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.72%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000067996Member_zeofoUC60Dz2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zZBhp9xT9SE6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.31%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDLwwhZlqs8d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zLZaRvCv0Eka" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zSjrQY29pgY4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.42%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0031 0.0030 0.0011 0.0072 0.0031 0.0000 0.0011 0.0042 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXflTYmz4cTa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zmN5SAR3h3K2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Short-Term Bond Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zdubcYaVDUz7" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zUKla0fKhiC9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zBKwRHHlqcod" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zTF6cWWMgtsg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000029598Member_zwtGLsbqAMd4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$74</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$230</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$401</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$894</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Short-Term Bond Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_z4y6SxPYHHP8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zOYoviF4psU4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zDUtnXSORRg1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zBdZ3Ng8rUc5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000067996Member_zQBoWPx08Ejc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$43</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$135</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$235</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$530</td></tr> </table> 74 230 401 894 43 135 235 530 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_98F_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000010707Member_zSlCBDjng762" style="border-bottom: black 1pt solid; width: 16%; text-align: right">103</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 1.03 Principal Investment Strategies. The Fund will invest in a diversified portfolio of short- and intermediate-term investment-grade corporate, government, and asset- and mortgage-backed securities. The Fund may also invest in money market securities, bank obligations, collateralized mortgage obligations, and foreign securities, including securities of issuers in emerging markets. Normally, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds. The Fund’s average effective maturity will normally not exceed three (3) years. The Fund will only purchase securities that are rated within one of the four highest credit rating categories (e.g. AAA, AA, A, BBB, or equivalent) at the time of purchase by at least one major credit rating agency or, if unrated, deemed by T. Rowe Price Associates, Inc. (“Sub-Adviser”) to be of comparable quality. The Fund may continue to hold a security that has been downgraded or loses its investment grade rating after purchase. Within this broad structure, investment decisions generally reflect the Sub-Adviser’s outlook for interest rates and the economy as well as the prices, yields and credit quality of the various securities. For example, if the Sub-Adviser expects interest rates to fall, it may purchase longer-term securities (within the framework of the Fund’s investment program) in an attempt to seek higher yields and/or capital appreciation. Conversely, if the Sub-Adviser expects interest rates to rise, the Fund may seek securities with shorter maturities. In addition, the Fund uses interest rate futures and interest rate futures options. Interest rate futures and interest rate future options are typically used in an effort to manage its exposure to changes in interest rates or to adjust portfolio duration. Additionally, the fund uses mortgage-backed securities on a delayed delivery or forward commitment basis through the "to-be-announced" (TBA) market as a means of adjusting the fund's duration and gaining exposure to investment-grade bonds. The Fund may invest in or sell other futures, including commodity futures. Normally, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in bonds. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. 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. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. Asset-based securities risk – Asset-based securities are typically fixed-income securities whose value is related to the market price of certain commodities, interests, and other items, such as precious metals, as well as other assets, such as credit card receivables. Although the market price of these securities is expected to follow the market price of the related assets, there may not be perfect correlation. There are special risks associated with certain types of assets that will also affect the value of asset-based securities related to those assets. For an example of such special risks, please refer to “Precious metals related securities risk.” Commodity-linked derivatives risk – The value of a commodity-linked derivative investment is typically based upon the price movements of a commodity, a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, volatility in the spot market, changes in interest rates, war, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, insufficient storage capacity, embargoes, tariffs and international economic, and political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A liquid market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. Commodity-linked derivatives also may be subject to credit and interest rate risks that generally affect the values of fixed-income securities. Therefore, at maturity, the Fund may receive more or less principal than it originally invested. The Fund may also receive interest payments that are more or less than the stated coupon interest payments. 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. 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zuWFOo3kGiKl"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zemZ4MxSkX9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000029598Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_411_20160101__20161231_z5K0s4KnIaQi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">1.43%</td></tr> <tr id="xdx_416_20170101__20171231_zq9ekjBo6WZ3"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">1.14%</td></tr> <tr id="xdx_417_20180101__20181231_z33uAxIcesNj"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.10%</td></tr> <tr id="xdx_418_20190101__20191231_z0Xos8ByoU"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">4.09%</td></tr> <tr id="xdx_414_20200101__20201231_zt4ieTfK1eqh" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">3.93%</td></tr> <tr id="xdx_414_20210101__20211231_zapKVd7lMHG9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.38%</td></tr> <tr id="xdx_410_20220101__20221231_zWYjzex32rCf"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-4.65%</td></tr> <tr id="xdx_41D_20230101__20231231_zcjmKIgGIomh"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">4.88%</td></tr> <tr id="xdx_416_20240101__20241231_zA9ougCqrtjb"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">4.65%</td></tr> <tr id="xdx_41E_20250101__20251231_zRZS4oIAanc1"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">5.44%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.43,2017:1.14,2018:1.1,2019:4.09,2020:3.93,2021:-0.38,2022:-4.65,2023:4.88,2024:4.65,2025:5.44)" src="jnlst485bpos190.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 4.00%; Worst Quarter (ended 3/31/2022): -2.66% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dC_z9eD5pPMAxj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067996Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_41D_20160101__20161231_zFkBFJp7Cnhi"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">1.73%</td></tr> <tr id="xdx_41E_20170101__20171231_zocECteEzDWf"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">1.35%</td></tr> <tr id="xdx_417_20180101__20181231_ziwcBt1nJYUk"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">1.41%</td></tr> <tr id="xdx_41B_20190101__20191231_zU1zlIa3Z8D4"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">4.36%</td></tr> <tr id="xdx_41F_20200101__20201231_z5NH8WuLLiFb" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">4.27%</td></tr> <tr id="xdx_41F_20210101__20211231_zpa6QRFXQOj5" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">-0.09%</td></tr> <tr id="xdx_41D_20220101__20221231_zHQbk4h60EI4"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-4.29%</td></tr> <tr id="xdx_414_20230101__20231231_zC4vOmEytD2f"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">5.06%</td></tr> <tr id="xdx_412_20240101__20241231_zlxdMui73Fpk"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">5.10%</td></tr> <tr id="xdx_41D_20250101__20251231_zmyYkqAELNDh"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">5.64%</td></tr> </table> <img alt="PerformanceBarChartData(2016:1.73,2017:1.35,2018:1.41,2019:4.36,2020:4.27,2021:-0.09,2022:-4.29,2023:5.06,2024:5.1,2025:5.64)" src="jnlst485bpos191.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 4.14%; Worst Quarter (ended 3/31/2022): -2.52% 0.0143 0.0114 0.0110 0.0409 0.0393 -0.0038 -0.0465 0.0488 0.0465 0.0544 Best Quarter 2020-06-30 0.0400 Worst Quarter 2022-03-31 -0.0266 0.0173 0.0135 0.0141 0.0436 0.0427 -0.0009 -0.0429 0.0506 0.0510 0.0564 Best Quarter 2020-06-30 0.0414 Worst Quarter 2022-03-31 -0.0252 <div id="xdx_A83_eoef--PerformanceTableTextBlock_z8Uy0Os2g2F3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_z7snpjC0SbKa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zzNrWfAmLh2g" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zMAOvDEiZLrb" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zx2J71O86dNe" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000029598Member_zADHgJFZoQJ9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Short-Term Bond Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.44</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.12</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zdwzhVtkDM84" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Bloomberg1To3YearGovernmentCreditIndexMember_zc91V7eBCRo8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg 1-3 Yr Gov/Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.97</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zx4xVxSvHxKa" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zOoPHIcrBxQb" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_z9DPyQKpTx1k" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067996Member_zDGutIu00mv6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Short-Term Bond Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.64</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.21</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">2.41</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zabRmQRs4wU3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Bloomberg1To3YearGovernmentCreditIndexMember_zIG46sufCp86" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg 1-3 Yr Gov/Credit Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">5.35</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.97</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.09</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0544 0.0191 0.0212 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0564 0.0221 0.0241 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 JNL/T. Rowe Price Value Fund Class A Class I Investment Objective. The investment objective of the Fund is to provide long-term capital appreciation by investing in common stocks believed to be undervalued. Income is a secondary objective. 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. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zAP93GrYPPzh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zpqtOZPpwpy8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_ztRgxXJAiBCl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000004658Member_z8fC8geaYZc3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zHz3ySnCo67l" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.45%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zC7lfpSZmbG6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zW2JlDxJp0A8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zmnWaJy5McDd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.85%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49A_20260423__20260423__oef--ClassAxis__custom--C000067989Member_ztMuQHLnsYf1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zpVlg90T9oA2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.45%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGgD6w8y5kz8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zMzuvevAP2F3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zWEDA2Ml4otl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.55%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0045 0.0030 0.0010 0.0085 Expense information has been restated to reflect current fees. 0.0045 0.0000 0.0010 0.0055 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zatZtow9m0g5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zhqb6TGTSt04" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Value Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_znEVN94kfOi9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z6vLQdrz4HU1" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zXDwp24XU8Ta" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zdEXMDAcbY1l" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000004658Member_zdFVKOJ6npsf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$271</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$471</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,049</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/T. Rowe Price Value Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zLl0om26Wv7f" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zzMqgrDXDYDb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_dn_zWKePrKz61Kh" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zYZr3DFRi2ql" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000067989Member_zbDada1qfBxl" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$176</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$307</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$689</td></tr> </table> 87 271 471 1049 56 176 307 689 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td id="xdx_982_eoef--PortfolioTurnoverRate_dpn_c20260423__20260423__dei--LegalEntityAxis__custom--S000001751Member_zzjxz4vJjLDc" style="border-bottom: black 1pt solid; width: 16%; text-align: right">55</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.55 Principal Investment Strategies. At least 65% of the Fund’s total assets are normally invested in common stocks that T. Rowe Price Associates, Inc. (“Sub-Adviser”) regards as undervalued. Stock holdings are expected to consist primarily of large-company stocks, but may also include mid-cap and small-cap companies. In taking a value approach to investment selection, the Sub-Adviser's research team seeks to identify companies that appear to be undervalued by various measures and may be temporarily out of favor, but which the Sub-Adviser believes have good prospects for capital appreciation. The Fund may invest up to 25% of its total assets (excluding reserves) in foreign securities, including securities that are economically tied to emerging markets. In keeping with the Fund’s objective, it may also invest in other securities and use futures, options, swaps, and other derivative-type instruments. At least 65% of the Fund’s total assets are normally invested in common stocks that T. Rowe Price Associates, Inc. (“Sub-Adviser”) regards as undervalued. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. 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. 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. 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. 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. 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 m ore 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. 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 m ore 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zgtI0Tmtbpfh"></div> Annual Total Returns as of December 31 Class A <table border="0" cellpadding="0" cellspacing="0" id="xdx_A5D_dU_xemZ4MwSkI9g" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004658Member_z9eSpqsnklac" style="font-weight: bold; text-align: left; width: 50%">0</td></tr> <tr id="xdx_415_20160101__20161231_zipQT03o9Xc4"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">10.84%</td></tr> <tr id="xdx_413_20170101__20171231_zPYekxBY3mb7"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">18.70%</td></tr> <tr id="xdx_41D_20180101__20181231_zBwrrPCwkOy8"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.58%</td></tr> <tr id="xdx_416_20190101__20191231_zh3chvQxlMH2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.11%</td></tr> <tr id="xdx_41E_20200101__20201231_zdMX7gdPbYEk" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.27%</td></tr> <tr id="xdx_411_20210101__20211231_zjVbmFJuLTeh" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">29.55%</td></tr> <tr id="xdx_412_20220101__20221231_zRuZElOdy3Hd"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.51%</td></tr> <tr id="xdx_412_20230101__20231231_zAuOQIXxc5nf"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">11.91%</td></tr> <tr id="xdx_416_20240101__20241231_zRDAYdgEn1P9"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">14.84%</td></tr> <tr id="xdx_410_20250101__20251231_zwirVs0oc22j"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.00%</td></tr> </table> <img alt="PerformanceBarChartData(2016:10.84,2017:18.7,2018:-9.58,2019:26.11,2020:10.27,2021:29.55,2022:-11.51,2023:11.91,2024:14.84,2025:12)" src="jnlst485bpos192.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 18.54%; Worst Quarter (ended 3/31/2020): -25.37% Annual Total Returns as of December 31 Class I <table border="0" cellpadding="0" cellspacing="0" id="xdx_A54_dU_z9eD5pCMAxj" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Schedule - Annual Total Returns"> <tr style="vertical-align: top"> <td style="font-weight: bold; text-align: left; width: 50%"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067989Member_zBGe2jMHTSp6" style="font-weight: bold; text-align: left; width: 50%">1</td></tr> <tr id="xdx_416_20160101__20161231_z2N07TbgpHtg"> <td style="vertical-align: top; text-align: left">2016</td> <td style="vertical-align: middle; text-align: right">11.04%</td></tr> <tr id="xdx_413_20170101__20171231_zuWLlyfDSA44"> <td style="vertical-align: top; text-align: left">2017</td> <td style="vertical-align: middle; text-align: right">19.00%</td></tr> <tr id="xdx_412_20180101__20181231_zmrWtoAUy6d6"> <td style="vertical-align: top; text-align: left">2018</td> <td style="vertical-align: middle; text-align: right">-9.30%</td></tr> <tr id="xdx_411_20190101__20191231_zKVZ3QY11wU2"> <td style="vertical-align: top; text-align: left">2019</td> <td style="vertical-align: middle; text-align: right">26.53%</td></tr> <tr id="xdx_410_20200101__20201231_zK1w18LYG332" style="vertical-align: top"> <td style="text-align: left">2020</td> <td style="text-align: right">10.59%</td></tr> <tr id="xdx_414_20210101__20211231_zF4Flp7TScx9" style="vertical-align: top"> <td style="text-align: left">2021</td> <td style="text-align: right">29.93%</td></tr> <tr id="xdx_413_20220101__20221231_z3oz5rbg8zW8"> <td style="vertical-align: top; text-align: left">2022</td> <td style="vertical-align: middle; text-align: right">-11.27%</td></tr> <tr id="xdx_41D_20230101__20231231_zWLgrhdiWWfb"> <td style="vertical-align: top; text-align: left">2023</td> <td style="vertical-align: middle; text-align: right">12.27%</td></tr> <tr id="xdx_41B_20240101__20241231_zxGGZuV8ZA77"> <td style="vertical-align: top; text-align: left">2024</td> <td style="vertical-align: middle; text-align: right">15.18%</td></tr> <tr id="xdx_41F_20250101__20251231_znMQFwSQ9qei"> <td style="vertical-align: top; text-align: left">2025</td> <td style="vertical-align: middle; text-align: right">12.35%</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.04,2017:19,2018:-9.3,2019:26.53,2020:10.59,2021:29.93,2022:-11.27,2023:12.27,2024:15.18,2025:12.35)" src="jnlst485bpos193.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 18.67%; Worst Quarter (ended 3/31/2020): -25.30% 0.1084 0.1870 -0.0958 0.2611 0.1027 0.2955 -0.1151 0.1191 0.1484 0.1200 Best Quarter 2020-12-31 0.1854 Worst Quarter 2020-03-31 -0.2537 0.1104 0.1900 -0.0930 0.2653 0.1059 0.2993 -0.1127 0.1227 0.1518 0.1235 Best Quarter 2020-12-31 0.1867 Worst Quarter 2020-03-31 -0.2530 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zR4jkrTt1RR3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zAtvmaALkWr9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_zJNEktQ9bK0j" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zEPgyr8CTMe5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zMru0ZvI1qke" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004658Member_zCP2wyblj7Ac" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Value Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.00</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.54</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zeWIKidiuk13" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zhCTLZPatKlb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_493_20250101__20251231_z8m0rr9uU4Q4" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20210101__20251231_zKynY4l89B79" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_492_20160101__20251231_zOWUl5uW64W8" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067989Member_zh9B6gWsJ9ik" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/T. Rowe Price Value Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.35</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zBGfGG9winE" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zUZ45cX9ywn7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1200 0.1054 0.1056 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 0.1235 0.1087 0.1088 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 JNL/Vanguard Moderate ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zqn1hF7EtJVd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zMfIiDYR7N3d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zA7wRFnJFbli" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000192068Member_zfrAcBSMKvC7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zxrp6Uw47OB2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zESg8QaX5Rue" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zLCDIN5mYUt2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVyjk27gnId7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zVINgpu8w4K6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000192069Member_zh8iZg9XMHT9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zGB5LAzUjUu5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zHBSnioI64F5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40E_eoef--OtherExpensesOverAssets_dpn_zkAAeCYo46Cc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_400_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIVkEA8BNZRl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zETnlEVAfeXb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_40D_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_znfi5uTw12x3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.13%</td></tr> <tr id="xdx_40F_eoef--NetExpensesOverAssets_dpn_zyuSSdsa4o52" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.13% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0030 0.0015 0.0004 0.0069 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. 0.0020 0.0000 0.0015 0.0004 0.0039 -0.0013 0.0026 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 Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zoD5MINufNn2"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zHwNqpQ3Ruyf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Moderate ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_dn_zbM19R25PSFa" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_z3nN83ZRRr7h" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zbT1nbTJJ2y8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zUJkT9sHYZG6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000192068Member_zXJDUyjRsi9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Moderate ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_dn_zSteVcRttswe" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zDtITmYIwoaj" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_z7fzOy4v2pha" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zIPo6YoZiCEa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_411_20260423__20260423__oef--ClassAxis__custom--C000192069Member_zOX0VuhvEZsi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$112</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$206</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$480</td></tr> </table> 70 221 384 859 27 112 206 480 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">13</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.13 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. The Underlying ETFs are affiliated with The Vanguard Group, Inc. The asset allocation of the Fund is determined through the use of a proprietary asset allocation model developed and managed by the Adviser in conjunction with third-party service providers. The asset allocation models provide initial guidance to specific asset allocations among various asset classes and sub-asset classes. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation ("Mellon"), the Fund’s sub-adviser (“Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically, generally monthly, based on the allocation instructions provided by the Adviser. There are no geographic limitations to the Underlying ETFs’ investments, and the Underlying ETFs may invest in securities of companies located in developed or emerging markets. Generally, emerging markets include nations transitioning from less developed (often pre-industrial) economies with low per-capita incomes to modern industrial economies with higher standards of living. During the month, when cash inflows and outflows occur, the Sub-Adviser makes new purchases and sales based on the Fund’s current existing market weights. Under normal market conditions, the Adviser allocates approximately 30% to 50% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities and 50% to 70% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. The Sub-Adviser may invest in ETFs in excess of the Investment Company Act of 1940, as amended (the “1940 Act”) limits on investment in other investment companies as instructed by the Adviser. The Fund may invest, directly or indirectly, in illiquid or thinly traded securities. The Fund may invest, indirectly through ETFs, in bank loans. The Fund may lend securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying ETF Fund could decline if the financial condition of the companies an Underlying ETF 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. 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. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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 additional indices 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, and 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 40% Morningstar® Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_zFxX8RR8ffk3"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5E_zmtSdhScWM1d" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48F_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192068Member_zhI8fgnfsAcd" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_411_20180101__20181231_zUlArMOnquQ3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.59</td></tr> <tr id="xdx_416_20190101__20191231_zPu3fKRzMEae" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">15.78</td></tr> <tr id="xdx_411_20200101__20201231_zv4GtE8YA96l" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">9.65</td></tr> <tr id="xdx_41F_20210101__20211231_zHJEZlCcTFXl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">6.38</td></tr> <tr id="xdx_415_20220101__20221231_zmdzHdTOHX78" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-14.04</td></tr> <tr id="xdx_414_20230101__20231231_z9tJU2GG4YO7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">10.06</td></tr> <tr id="xdx_413_20240101__20241231_z2p4Vm97oT03" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.14</td></tr> <tr id="xdx_418_20250101__20251231_zbrCfeveXsta" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">11.75</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.59,2019:15.78,2020:9.65,2021:6.38,2022:-14.04,2023:10.06,2024:7.14,2025:11.75)" src="jnlst485bpos194.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 10.62%; Worst Quarter (ended 3/31/2020): -10.80% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zgSz8xchxSC8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192069Member_zHStAZAoHIs1" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_411_20180101__20181231_zDSK0I8pBeKj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.10</td></tr> <tr id="xdx_41C_20190101__20191231_zotk8JfeNSkh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">16.19</td></tr> <tr id="xdx_413_20200101__20201231_zQincydyH5sg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">10.08</td></tr> <tr id="xdx_414_20210101__20211231_zndVjf7Zjp3a" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">6.93</td></tr> <tr id="xdx_416_20220101__20221231_z4eGhFXqe4rh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.70</td></tr> <tr id="xdx_415_20230101__20231231_zWmeqGG3NWyj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">10.53</td></tr> <tr id="xdx_412_20240101__20241231_zfNA5TAfroz7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.65</td></tr> <tr id="xdx_41B_20250101__20251231_zZ9oz4vQcn" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">12.18</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.1,2019:16.19,2020:10.08,2021:6.93,2022:-13.7,2023:10.53,2024:7.65,2025:12.18)" src="jnlst485bpos195.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 10.79%; Worst Quarter (ended 3/31/2020): -10.69% -0.0459 0.1578 0.0965 0.0638 -0.1404 0.1006 0.0714 0.1175 Best Quarter 2020-06-30 0.1062 Worst Quarter 2020-03-31 -0.1080 -0.0410 0.1619 0.1008 0.0693 -0.1370 0.1053 0.0765 0.1218 Best Quarter 2020-06-30 0.1079 Worst Quarter 2020-03-31 -0.1069 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zQQvbEBb5q2d"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zYzb41IakrRg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zpvvRChZk125" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_490_20210101__20251231_zusRvTmBb284" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49E_20170925__20251231_zQW8udFY1CNi" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192068Member_zOiNHgepSn8c" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Moderate ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.75</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">4.97</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zzYswDsC9Kyb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zjcdSkEodWWk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_zpir5OszSPc3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zRVZ744kXTsf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_z4IXnGGgfMnc" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_490_20210101__20251231_zCe3kC96djIj" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49E_20170925__20251231_z6etc2oIIwA" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192069Member_zoqT5W4bkRe3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Moderate ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">12.18</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.26</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.42</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_ztBNw99eP90b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_z8NP5JIDSWG8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_zwXu2mpw1eUb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zSz6RG4L2EO2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1175 0.0380 0.0497 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0172 0.1287 0.0406 0.0560 0.1317 0.0426 0.0564 0.2223 0.1120 0.1115 2017-09-25 0.1218 0.0426 0.0542 0.0730 -0.0036 0.0172 0.1287 0.0406 0.0560 0.1317 0.0426 0.0564 0.2223 0.1120 0.1115 JNL/Vanguard Moderate Growth ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z9scdPtRUYX5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_z0KjYtCtLZWb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zA5JhgnVYBk3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000192078Member_z5ECRvErslDi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zeKcNeYl2OV1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zY6T6n54X3Tj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zyCXPnNEudA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_ztVrkXhgZC9a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zPZIpy7o9GTg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000192079Member_zxzOn2Pu5y18" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_407_eoef--ManagementFeesOverAssets_dpn_zhpYG3PCqexl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcdj4ZjsMDfh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z62z4OvA3Uh4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z2dYib1oZ7tk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z3HAsoyyMLS" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zeVcAfcl4qjc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_z5wDvOO3emz9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.27%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.12% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0030 0.0015 0.0004 0.0069 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. 0.0020 0.0000 0.0015 0.0004 0.0039 -0.0012 0.0027 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 assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaLQNiLhYSw3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zyqGsmHdqukb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Moderate Growth ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zLw2bf5yoVye" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zAly5tGR31s7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_dn_zqgXhjSU9Q7i" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_dn_zgf7eCuojaV7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000192078Member_zXSmWzYelOZi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$70</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$221</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$859</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Moderate Growth ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zC13TWvB1oZ6" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_dn_zPF6YFqhNsH8" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_dn_zRmdcWqhCVrj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_dn_zL24LCnG3y4a" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000192079Member_zFKwRqOiP8ii" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$28</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$113</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$207</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$481</td></tr> </table> 70 221 384 859 28 113 207 481 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. The Underlying ETFs are affiliated with The Vanguard Group, Inc. The asset allocation of the Fund is determined through the use of a proprietary asset allocation model developed and managed by the Adviser in conjunction with third-party service providers. The asset allocation models provide initial guidance to specific asset allocations among various asset classes and sub-asset classes. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation ("Mellon"), the Fund’s sub-adviser (“Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically, generally monthly, based on the allocation instructions provided by the Adviser. During the month, when cash inflows and outflows occur, the Sub-Adviser makes new purchases and sales based on the Fund’s current existing market weights. Under normal market conditions, the Adviser allocates approximately 50% to 70% (with a target allocation of 60%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities and 30% to 50% (with a target allocation of 40%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. There are no geographic limitations to the Underlying ETFs’ investments, and the Underlying ETFs may invest in securities of companies located in developed or emerging markets. Generally, emerging markets include nations transitioning from less developed (often pre-industrial) economies with low per-capita incomes to modern industrial economies with higher standards of living. The Sub-Adviser may invest in ETFs in excess of the Investment Company Act of 1940, as amended (the “1940 Act”) limits on investment in other investment companies as instructed by the Adviser. The Fund may invest, directly or indirectly, in illiquid or thinly traded securities. The Fund may invest, indirectly through ETFs, in bank loans. The Fund may lend securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying ETF Fund could decline if the financial condition of the companies an Underlying ETF 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. 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. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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 additional indices 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, and 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 26, 2021, the Fund was combined with JNL/DFA Moderate Growth Allocation Fund ("Acquired Fund"), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% Morningstar® Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zujojTEtgvp1"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zHd0UafD9Qtg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192078Member_zQre6Uy0pLl5" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20180101__20181231_zGbVbw3PTl63" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.46</td></tr> <tr id="xdx_419_20190101__20191231_zw2tKy4rLNA7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">19.38</td></tr> <tr id="xdx_415_20200101__20201231_zwjr8aFVNV8g" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">11.66</td></tr> <tr id="xdx_414_20210101__20211231_zYXYA5ZNpmPf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">10.36</td></tr> <tr id="xdx_413_20220101__20221231_zmDhnYE0ifRi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-15.42</td></tr> <tr id="xdx_415_20230101__20231231_zhVmEzRU9zUh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">12.26</td></tr> <tr id="xdx_410_20240101__20241231_zA9h37fKVDif" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">9.59</td></tr> <tr id="xdx_412_20250101__20251231_zVtuJOACOona" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.14</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.46,2019:19.38,2020:11.66,2021:10.36,2022:-15.42,2023:12.26,2024:9.59,2025:14.14)" src="jnlst485bpos196.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.84%; Worst Quarter (ended 3/31/2020): -15.11% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zikkX8VuppR2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192079Member_zylr3SknYDUj" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20180101__20181231_zzX5wLJYiIKg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.07</td></tr> <tr id="xdx_410_20190101__20191231_zH5GOpYix4Z1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">20.00</td></tr> <tr id="xdx_41D_20200101__20201231_zBRaaa1wvQja" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">12.05</td></tr> <tr id="xdx_413_20210101__20211231_zrWNw5CEsyy1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">10.91</td></tr> <tr id="xdx_414_20220101__20221231_zaIABE6C6Wfa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-15.13</td></tr> <tr id="xdx_412_20230101__20231231_z04DDBN6cPFe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">12.72</td></tr> <tr id="xdx_410_20240101__20241231_zAw4gGs3HkY8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">10.14</td></tr> <tr id="xdx_41C_20250101__20251231_zr7hRiX40cLe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.62</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.07,2019:20,2020:12.05,2021:10.91,2022:-15.13,2023:12.72,2024:10.14,2025:14.62)" src="jnlst485bpos197.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 13.88%; Worst Quarter (ended 3/31/2020): -15.04% -0.0646 0.1938 0.1166 0.1036 -0.1542 0.1226 0.0959 0.1414 Best Quarter 2020-06-30 0.1384 Worst Quarter 2020-03-31 -0.1511 -0.0607 0.2000 0.1205 0.1091 -0.1513 0.1272 0.1014 0.1462 Best Quarter 2020-06-30 0.1388 Worst Quarter 2020-03-31 -0.1504 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zEofxFjUwspa"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zDI7vrCLCqcg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zJwbQQ6sEPU5" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_49C_20210101__20251231_zwdzLghiQoJj" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49E_20170925__20251231_zD4eWhqHnjy8" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192078Member_zAEYedJWTanb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Moderate Growth ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">14.14</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">6.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z5VFDkYQOG3g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zFSUt9K6vKT6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergUSAggregateIndexMember_zPEkVcbPaiq5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z2zNXnc5fbIj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_494_20250101__20251231_zMv4nDu10pJ" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_49C_20210101__20251231_zWqbBbOogkOg" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49E_20170925__20251231_zv3chXzE6y8b" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192079Member_zZnvr6mAh7Bj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Moderate Growth ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">14.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">6.02</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">7.05</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zvribfgdEPSd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zSZ64KloB4Yi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergUSAggregateIndexMember_zMyd8j6QSyLj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zfB0I1DqGka2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1414 0.0556 0.0659 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1616 0.0657 0.0753 0.0730 -0.0036 0.0172 2017-09-25 0.1462 0.0602 0.0705 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1616 0.0657 0.0753 0.0730 -0.0036 0.0172 JNL/Vanguard Growth ETF Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term growth of capital through investment in exchange-traded funds (“Underlying ETFs”). 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zgkQ8i0qsKX6"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zLDONe5LnFRb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zigSqM7nuXt2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000192080Member_zeui85P9UO6b" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zjqIRB8djbdi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.19%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zcEDU9EVXf24" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zs795q1y3Ki4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zKzVtVqlcmwb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zr8MnZv1eWgk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.68%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000192081Member_zfZxXqElNrrf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zlHrX0KLIi4k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.19%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zy4jspVUHXnj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zionfofBPKR3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zmIDBUzpOkz8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.04%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zwHY4C1VGjWf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.38%</td></tr> <tr id="xdx_404_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zyvq9jZKs4wb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_znRkWKzqju31" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.26%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or "Adviser").</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.12% of the administrative fees of the Class. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0019 0.0030 0.0015 0.0004 0.0068 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. 0.0019 0.0000 0.0015 0.0004 0.0038 -0.0012 0.0026 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 assumes that the Class I administrative fee waiver is discontinued after one year. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPTysKgjqT55"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z9UkfVfi1B9i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Growth ETF Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zTrJw7DYsJA4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_zD6HEuqMoCO7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_zajQv2S04ML8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zACaM5G8Kfz9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000192080Member_zdpVULNOQ1X1" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$69</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$218</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$379</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$847</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Vanguard Growth ETF Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zaQpNbywKP84" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_zdH1sdGVUGG7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_zcSIMYgvEuwj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zQI3IS4Zd6f9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192081Member_ztawkO1l8uEg" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$110</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$201</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$469</td></tr> </table> 69 218 379 847 27 110 201 469 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">16</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.16 Principal Investment Strategies. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. An ETF is an investment fund that is traded on a stock exchange and holds an underlying basket of securities generally designed to track an index. ETFs can be bought and sold through the trading day in the secondary market or at net asset value directly with an authorized participant. The Underlying ETFs are affiliated with The Vanguard Group, Inc. The asset allocation of the Fund is determined through the use of a proprietary asset allocation model developed and managed by the Adviser in conjunction with third-party service providers. The asset allocation models provide initial guidance to specific asset allocations among various asset classes and sub-asset classes. Final allocations are determined by the Adviser through the use of both internal and external resources. Mellon Investments Corporation ("Mellon"), the Fund’s sub-adviser (“Sub-Adviser”), is responsible for managing the investment of portfolio assets solely according to the instructions (including the specific Underlying ETFs and the corresponding weights of such Underlying ETFs) provided by the Adviser. The Sub-Adviser executes transactions in the Underlying ETFs, as required, to closely replicate the allocation instructions received from the Adviser. The Fund’s allocations are rebalanced periodically, generally monthly, based on the allocation instructions provided by the Adviser. During the month, when cash inflows and outflows occur, the Sub-Adviser makes new purchases and sales based on the Fund’s current existing market weights. Under normal market conditions, the Adviser allocates approximately 70% to 90% (with a target allocation of 80%) of the Fund’s assets to Underlying ETFs that invest primarily in equity securities and 10% to 30% (with a target allocation of 20%) of the Fund’s assets to Underlying ETFs that invest primarily in fixed income securities and/or cash alternatives. The Adviser may also allocate the Fund’s assets to securities and derivative contracts to meet the Fund’s allocation targets. The Fund may also invest in a range of securities and derivative contracts, including indexes, swap agreements, futures, currency forwards, and U.S. Treasury securities, and cash equivalents including, without limitation, commercial paper, repurchase agreements, and time deposits, as instructed by the Adviser. There are no geographic limitations to the Underlying ETFs’ investments, and the Underlying ETFs may invest in securities of companies located in developed or emerging markets. Generally, emerging markets include nations transitioning from less developed (often pre-industrial) economies with low per-capita incomes to modern industrial economies with higher standards of living. The Sub-Adviser may invest in ETFs in excess of the Investment Company Act of 1940, as amended (the “1940 Act”) limits on investment in other investment companies as instructed by the Adviser. The Fund may invest, directly or indirectly, in illiquid or thinly traded securities. The Fund may invest, indirectly through ETFs, in bank loans. The Fund may lend securities to increase its income. Under normal market conditions, the Fund seeks to achieve its investment objective primarily through investing at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in a diversified group of Underlying ETFs. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying ETFs based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying ETFs. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying ETF Fund could decline if the financial condition of the companies an Underlying ETF 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. Liquidity risk – Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if an Underlying ETF 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, an Underlying ETF Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions. 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. Mid-capitalization and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. an Underlying 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. 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. 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. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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 additional indices 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, and 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 26, 2021, the Fund was combined with JNL/DFA Growth Allocation Fund and JNL/Mellon Index 5 Fund ("Acquired Funds"), with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Funds. Consistent with the Fund’s principal investment strategies, the Fund uses the 80% Morningstar® Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zl1b4tYtAABb"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zQZ65RYrC8Fc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192080Member_z0mIAjXm4Gai" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20180101__20181231_zh29kEYLzn92" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-7.91</td></tr> <tr id="xdx_419_20190101__20191231_z1JV3NO33crd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">22.88</td></tr> <tr id="xdx_417_20200101__20201231_z8fAkcqTgvf2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">13.65</td></tr> <tr id="xdx_419_20210101__20211231_zXe91207w2mi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.31</td></tr> <tr id="xdx_411_20220101__20221231_zFfO0nPUCiHf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.60</td></tr> <tr id="xdx_41F_20230101__20231231_zL5XiRZxPRxi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">14.31</td></tr> <tr id="xdx_41D_20240101__20241231_zhB8HggMB4Bd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">11.84</td></tr> <tr id="xdx_41A_20250101__20251231_zjQwWZAaBNvf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">16.06</td></tr> </table> <img alt="PerformanceBarChartData(2018:-7.91,2019:22.88,2020:13.65,2021:14.31,2022:-16.6,2023:14.31,2024:11.84,2025:16.06)" src="jnlst485bpos198.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 17.00%; Worst Quarter (ended 3/31/2020): -19.21% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zznmDTEEp28l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192081Member_zZnxQ5mvMjmb" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20180101__20181231_z10SVQZQZhzh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-7.52</td></tr> <tr id="xdx_417_20190101__20191231_zVpgZ4XJyui4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">23.35</td></tr> <tr id="xdx_415_20200101__20201231_zrljo5pb5Sn5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">14.10</td></tr> <tr id="xdx_413_20210101__20211231_zXH9ClBvVWpa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.84</td></tr> <tr id="xdx_417_20220101__20221231_zWQOoGHpDZIl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.23</td></tr> <tr id="xdx_41E_20230101__20231231_zXxTHm6RSzrl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">14.74</td></tr> <tr id="xdx_411_20240101__20241231_zSNlQRiRIYfj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.25</td></tr> <tr id="xdx_41F_20250101__20251231_zmTNAuikvoda" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">16.58</td></tr> </table> <img alt="PerformanceBarChartData(2018:-7.52,2019:23.35,2020:14.1,2021:14.84,2022:-16.23,2023:14.74,2024:12.25,2025:16.58)" src="jnlst485bpos199.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 17.01%; Worst Quarter (ended 3/31/2020): -19.10% -0.0791 0.2288 0.1365 0.1431 -0.1660 0.1431 0.1184 0.1606 Best Quarter 2020-06-30 0.1700 Worst Quarter 2020-03-31 -0.1921 -0.0752 0.2335 0.1410 0.1484 -0.1623 0.1474 0.1225 0.1658 Best Quarter 2020-06-30 0.1701 Worst Quarter 2020-03-31 -0.1910 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zMW8xHGWgGz8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zxLJ1AlwCwEj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zbsXRb4YCX8c" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_zthY8c1ZT3S9" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_497_20170925__20251231_zCbsNUzKjrga" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192080Member_zNeuG1bdeoj" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Growth ETF Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.06</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.18</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.13</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zLlFgq7mE6r6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zmsfPhRsdtz2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zQl7c7McT8u8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zNihFeZoCEfb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zHm4DDOov5fk" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_493_20210101__20251231_zTmWXByLp5D8" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_497_20170925__20251231_zrJeLa3ZdGSl" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192081Member_zoe2CvzsVLSi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Vanguard Growth ETF Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.58</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zKob3X5rFD7d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_z35JP19ByYh3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_za2V9aV0KtXd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zQmgZSHyaMx7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1606 0.0718 0.0813 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1918 0.0889 0.0937 0.0730 -0.0036 0.0172 2017-09-25 0.1658 0.0763 0.0859 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1918 0.0889 0.0937 0.0730 -0.0036 0.0172 JNL/WCM Focused International Equity Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek long-term capital appreciation by investing primarily in companies located outside of the United States. 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. <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_ztXTtlh0YvC5"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zeMXN38s2tG"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zFeTVj6QcEte" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000218191Member_zW6UUqPEHP5h" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zn1k1uFGgvlg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.64%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zMT7OcW9jHya" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_z3wZpaGmTLM6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zbwUX03pl6cl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zwSViiRBbbUf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000218190Member_zymTNLN3Lsx6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zgbMe1ptf6Q6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.64%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGkJnbvEMCh9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zDJ6YQfkzeW5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zFeAXgWssm1b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_z289Shvv63sj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.80%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">Expense information has been restated to reflect current fees.</td></tr> </table> 0.0064 0.0030 0.0015 0.0001 0.0110 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 information has been restated to reflect current fees. 0.0064 0.0000 0.0015 0.0001 0.0080 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyUiZRTzrzqj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zDNpBJz4AZp7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WCM Focused International Equity Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_z8SkjWdJKW26" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zuy2aYMidcEi" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zeyO2ALenOla" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zSPJCPeRNPc7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000218191Member_z5H5vBxLBmYk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$112</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$350</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$606</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,340</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WCM Focused International Equity Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zNmHj8S7uB2j" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_dn_zXWeODApAEQg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zKrwlyscuMp8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zZfT0L9EigIe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000218190Member_zvNO9tz6VFF" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$82</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$255</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$444</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$990</td></tr> </table> 112 350 606 1340 82 255 444 990 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.31 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 equity securities. The Fund’s investments in equity securities may include common stocks, preferred stocks and warrants. The Fund invests primarily in equity securities or depositary receipts of non-U.S. domiciled companies located in developed countries, but may also invest in emerging markets and less developed countries. The Fund’s investments in depositary receipts may include American Depositary Receipts (“ADRs”). ADRs are receipts that represent interests in foreign securities held on deposit by U.S. banks. WCM Investment Management, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), uses a bottom-up approach that seeks to identify companies with attractive fundamentals, such as long-term growth in revenue and earnings, and that show a high probability for superior future growth. The Sub-Adviser’s investment process focuses on seeking industry leading companies that the Sub-Adviser believes possess growing competitive advantages; corporate cultures emphasizing strong, quality and experienced management; low or no debt; and attractive relative valuations. The Sub-Adviser also considers other factors in selecting securities, including political risk, monetary policy risk, and regulatory risk. Although the Fund may invest in companies in any capitalization range, it will generally invest in large, established multinational companies. The Fund generally will invest in securities of companies located in different regions and in at least three different countries. From time to time, the Fund may have a significant portion of its assets invested in the securities of companies in one or a few countries or regions. The Sub-Adviser will generally reduce position size in the portfolio based on individual holding size, industry/sector weight, as well as other relevant factors. When performing a fundamental analysis, the Sub-Adviser views valuation as the most significant factor in managing position size. The key factors that the Sub-Adviser considers when determining whether to sell out of a position completely are its evaluation(s) of whether a company’s competitive advantage is deteriorating or no longer expanding; there are more attractive names in an essentially similar industry; a company’s leadership is not performing as expected; a company’s culture is challenged; it deems valuation to be excessive; and/or there is material geopolitical or currency risk. The Fund may also invest in A Shares of companies based in the People’s Republic of China (“China”) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai – Hong Kong and Shenzhen – Hong Kong Stock Connect programs (“Stock Connect”). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. 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 equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. 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. 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). 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. 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 Fund's 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. 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. Investing through Stock Connect risk – The Fund may invest directly in China A shares through Stock Connect, and will be subject to the following risks: sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk. Investing in China A Shares risk – Investments in Class A Shares of Chinese companies involve certain risks and special considerations not typically associated with investments in U.S. companies, such as greater government control over the economy, political and legal uncertainty, currency fluctuations or blockage, the risk that the Chinese government may decide not to continue to support economic reform programs and the risk of nationalization or expropriation of assets. Additionally, the Chinese securities markets are emerging markets subject to the special risks applicable to developing and emerging market countries described elsewhere in this prospectus. China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund. 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. 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. 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. 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. The performance data includes the performance of the JNL/WCM Focused International Equity Fund, then a series of the Jackson Variable Series Trust, for periods before the Fund's registration statement became effective. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A89_eoef--BarChartTableTextBlock_zRwRnx9VKXG"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_z6E2shfbLmRa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218191Member_zusgzf9Qf7Xj" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zMKw7fMM30V4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">0.12</td></tr> <tr id="xdx_417_20170101__20171231_zceJPEnrn755" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">31.65</td></tr> <tr id="xdx_41A_20180101__20181231_zh9Hva9u1PP9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-7.85</td></tr> <tr id="xdx_416_20190101__20191231_zB3spktx7vfa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">35.48</td></tr> <tr id="xdx_41A_20200101__20201231_zHfqP5Ze8kq1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">32.01</td></tr> <tr id="xdx_419_20210101__20211231_zAGjBWGOhgPg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">17.08</td></tr> <tr id="xdx_415_20220101__20221231_zpUTggTlQvL" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-28.69</td></tr> <tr id="xdx_412_20230101__20231231_zrdQiGANUrH5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.46</td></tr> <tr id="xdx_41C_20240101__20241231_zR5hYZDEZAGd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.10</td></tr> <tr id="xdx_418_20250101__20251231_zOzIUsF5iIKl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">21.41</td></tr> </table> <img alt="PerformanceBarChartData(2016:0.12,2017:31.65,2018:-7.85,2019:35.48,2020:32.01,2021:17.08,2022:-28.69,2023:16.46,2024:7.1,2025:21.41)" src="jnlst485bpos200.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.90%; Worst Quarter (ended 6/30/2022): -17.62% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zfQcxPz7lPx4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218190Member_zJracTYriwRe" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_419_20180101__20181231_zpcZCNaYZPv2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-7.57</td></tr> <tr id="xdx_417_20190101__20191231_zXLgR0CAW8L7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">35.82</td></tr> <tr id="xdx_418_20200101__20201231_zSyysmPqxugi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">32.41</td></tr> <tr id="xdx_418_20210101__20211231_zDVoSq1GXcu3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">17.44</td></tr> <tr id="xdx_411_20220101__20221231_zy6YoFhKuuAd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-28.50</td></tr> <tr id="xdx_419_20230101__20231231_zvTIX0Y7ksf4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.85</td></tr> <tr id="xdx_411_20240101__20241231_zAeEkbHzQTo9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.36</td></tr> <tr id="xdx_411_20250101__20251231_zrOxRYHOZzY6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">21.85</td></tr> </table> <img alt="PerformanceBarChartData(2018:-7.57,2019:35.82,2020:32.41,2021:17.44,2022:-28.5,2023:16.85,2024:7.36,2025:21.85)" src="jnlst485bpos201.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 25.99%; Worst Quarter (ended 6/30/2022): -17.58% 0.0012 0.3165 -0.0785 0.3548 0.3201 0.1708 -0.2869 0.1646 0.0710 0.2141 Best Quarter 2020-06-30 0.2590 Worst Quarter 2022-06-30 -0.1762 -0.0757 0.3582 0.3241 0.1744 -0.2850 0.1685 0.0736 0.2185 Best Quarter 2020-06-30 0.2599 Worst Quarter 2022-06-30 -0.1758 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zOMD5nC11sIh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zEyrNG2oSZG4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zFAMhFYRWtw4" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zHTv2UkyZGL2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zHM2ksvxvBml" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218191Member_zRxh9kMkHYG8" style="vertical-align: bottom"> <td style="border: black 1pt solid">JNL/WCM Focused International Equity Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">21.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.63</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_zlt4CNztRip8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.54</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zlPa08nHTh2a" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zT3msn0hzDEh" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_z3MSS72ZIF5a" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218190Member_z0CGJu8aFY8a" style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 70%">JNL/WCM Focused International Equity Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">21.85</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.12</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">10.22</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalExUSTargetMarketExposureIndexNetMember_z3P5Orc4jVbg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Global ex-US Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.05</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.32</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.2141 0.0480 0.1063 (reflects no deduction for fees, expenses, or taxes) 0.3187 0.0805 0.0854 2017-09-25 0.2185 0.0512 0.1022 0.3187 0.0805 0.0732 JNL/Westchester Capital Event Driven Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek to provide attractive risk-adjusted returns with low relative volatility in virtually all market environments. Risk-adjusted return is a concept that considers not only an investment’s return, but also the amount of potential risk involved in producing that 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z0E9yK9W4UD4"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zkCx1IPGKGZ3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_ztHSU6hf8Ds9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000153492Member_zF2klcdXTGb8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zqUymmlI3uxl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.05%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBOgjUSEpW49" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zXFOpEqcyON6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.17%</td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zPrmMLES6032" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.14%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zQUvengrQXLl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.66%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">“Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund's short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.06%. The Fund's actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund's short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000153493Member_z8u8XdqBdeZ1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_z2YnLGDA9Av5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.05%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zIQAqX3hhlIb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zCqEMLHifdvl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1,2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.17%</td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zXJpxjWfMIX5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses3</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.14%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_z7mH3U17lOlj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.36%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">"Other Expenses" are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund's short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.06%. The Fund's actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund's short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund's short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees.</td></tr> <tr> <td style="vertical-align: top">3</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0105 0.0030 0.0017 0.0014 0.0166 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. 0.0105 0.0000 0.0017 0.0014 0.0136 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: <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zioiaknVcQs9"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zadQYlxHH1rj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Westchester Capital Event Driven Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_z4dCzCrM6OS1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_zjH5hVzYobJk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zsLtvlEJ6CTa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zoyOatZYMxZ8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000153492Member_zMURyzYl1R93" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$169</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$523</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$902</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,965</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/Westchester Capital Event Driven Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_zpSqDSGLSxN2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_zNogqkT0E0Bb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zGtJxc6X5Cb6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zklMXuMUSWr5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000153493Member_zSPQf1rZFr9d" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$138</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$431</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$745</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,635</td></tr> </table> 169 523 902 1965 138 431 745 1635 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">291</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 2.91 Principal Investment Strategies. The Fund primarily employs investment strategies designed to capture price movements generated by specific events, including, but not limited to, securities of companies involved in mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as “event-driven opportunities”). Among the investment strategies the sub-adviser, Westchester Capital Management, LLC (“Sub-Adviser”) may use on behalf of the Fund are the following: Merger-Arbitrage Strategy: The Fund may purchase the securities of companies that are involved in publicly announced mergers, takeovers and other corporate reorganizations, and use one or more arbitrage strategies in connection with the purchase. Although a variety of strategies may be employed depending upon the nature of the reorganizations, the most common merger-arbitrage strategy involves purchasing the shares of an announced acquisition target at a discount to their expected value upon completion of the acquisition. The size of this discount, known as the arbitrage “spread,” generally determines the Fund’s potential profit on any given investment. In conjunction with investment in a target company, the Fund may employ a variety of hedging strategies to protect against issuer-related risk, including selling short the securities of the company that proposes to acquire the target company and/or the purchase and sale of put and call options. Special Situations Strategy: The Fund may invest in the securities of issuers based upon the expectation of the Sub-Adviser that the price of such securities may change in the short term due to a special situation, such as a stock buy-back, spinoffs and split-offs, credit rating upgrade, the outcome of litigation or other dispute, a positive earnings report, legislative or regulatory changes or other catalyst-driven event. Capital Structure Arbitrage: Capital structure arbitrage is an investment strategy that seeks to profit from relative pricing discrepancies between related securities, such as securities of different classes issued by the same issuer. For example, when the Sub-Adviser believes that unsecured debt securities are overvalued in relation to senior secured debt securities of the same issuer, the Fund may purchase the senior secured debt securities of the issuer and take a short position in the unsecured debt securities of the same issuer. Convertible Arbitrage: Convertible arbitrage is a strategy that seeks to profit from mispricings between an issuer’s convertible securities and the underlying equity securities. A common convertible arbitrage approach matches a long position in a convertible security with a short position in the underlying common stock when an investor believes the convertible security is undervalued relative to the value of the underlying equity security. In such a case, the investor may seek to sell short shares of the underlying common stock in order to hedge exposure to the issuer of the equity securities. Convertible arbitrage positions may be designed to earn income from coupon or dividend payments on the investment in the convertible securities. Distressed/Restructuring: The Fund may invest in securities, including debt securities, of financially distressed companies and companies undergoing or expected to undergo bankruptcy or other insolvency proceeding. The Fund may invest in corporate bonds, privately held loans and other securities or obligations of companies that are highly leveraged, are experiencing financial difficulties or have filed for bankruptcy. The Fund may profit from its investments in such issuers if the issuer undergoes a successful restructuring or recapitalization, undertakes asset sales or participates in spin-off transactions. The Fund may also purchase securities in anticipation of a company’s recovery or turnaround or the liquidation of all or some of the company’s assets. Option Income Strategies: The Fund may sell, or “write,” call options on its portfolio securities. The Fund may also write call options on one or more basket of stocks, such as the S&P 500 Index or an industry sub-group of the S&P 500 Index. The options written by the Fund are considered “covered” if the Fund owns the stocks or basket of stocks against which the options are written. The Sub-Adviser may determine to purchase shares and sell call options on those shares at approximately the same time, although the sale of options on the Fund’s portfolio securities may occur at any time or not at all. The Sub-Adviser may utilize the option writing strategy at any time, including in a relatively flat or declining market environment, to earn premium income. The Fund may sell call options on substantially all of its portfolio securities. The Fund may utilize other options strategies, such as writing options on securities it does not currently own (known as “uncovered” options), buying or selling options when the Sub-Adviser believes they may be mispriced or may provide attractive opportunities to earn income, or engaging in risk-reversal transactions. In a risk-reversal transaction, the Sub-Adviser may buy put options and sell call options against a long stock position. In implementing the Fund’s investment strategies, the Fund may invest in a wide variety of investments, such as equity securities of any kind, debt securities of any kind, including, among others, corporate debt obligations (including defaulted securities and obligations of distressed issuers), those that pay a fixed or floating rate of interest, warrants, convertible securities, master limited partnerships, derivative instruments of any kind, including options, futures, currency forwards and swaps. The Fund may purchase fixed- and floating-rate income investments of any credit quality or maturity, including corporate bonds, bank debt and preferred securities. Certain of the debt securities in which the Fund invests may carry non-investment-grade ratings (rated BB+ or lower by S&P Global Ratings, or comparably rated by another nationally recognized statistical rating organization), or may be unrated investments of comparable quality, commonly referred to as “high-yield” or “junk” bonds. The Fund may enter into derivative transactions and other instruments of any kind for hedging purposes, duration or volatility management purposes, or otherwise to gain, or reduce, long or short exposure to one or more asset classes or issuers. For example, the Fund may write call options on its portfolio securities or a market index that is representative of its portfolio with the expectation of generating additional income. The Sub-Adviser may seek to hedge the Fund’s portfolio against a decline in the value of its portfolio securities or a decline in the market generally by purchasing put options. The Fund also may use derivative transactions with the purpose or effect of creating investment leverage. The Fund may invest in derivative instruments in any manner consistent with its investment strategies. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”). Those investments may be made for the purpose of, among other things, gaining or hedging market exposure, hedging exposure to a particular industry, sector or component of an event-driven opportunity, or managing the Fund’s cash position. The Fund may hold a significant portion of its assets in cash, money market investments, money market funds or other similar short-term investments for defensive purposes or to preserve the Fund’s ability to capitalize quickly on new market opportunities. During periods when the Fund is so invested, its investment returns may be lower than if it were not so invested and the Fund may not achieve its investment objective. The Fund may also invest in special purpose acquisition companies, a form of investment vehicle typically formed for the purpose of acquiring an operating business. In making investments for the Fund, the Sub-Adviser is guided by the following general considerations: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>before an initial position in an event-driven opportunity is established, a preliminary analysis is made of the expected event to determine the probability and timing of the event;</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>in deciding whether or to what extent to invest, the Sub-Adviser evaluates, among other things, the credibility, strategic motivation and financial resources of the relevant participants, and the liquidity of the securities involved in the transaction; and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>the risk-reward characteristics of each event-driven opportunity are assessed on an ongoing basis.</td></tr></table> The Fund primarily employs investment strategies designed to capture price movements generated by specific events, including, but not limited to, securities of companies involved in mergers, acquisitions, asset sales or other divestitures, restructurings, refinancings, recapitalizations, reorganizations or other special situations (referred to as “event-driven opportunities”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Event driven and special situations risk – At times, the Fund may seek to benefit from what are considered “special situations,” such as mergers, acquisitions, consolidations, liquidations, spin-offs, tender or exchange offers, reorganizations, restructurings or other unusual events that are expected to affect a particular issuer. Such special situations may involve so-called “distressed companies,” the debt obligations of which typically are unrated, lower-rated, in default or close to default. Also, securities of distressed companies are generally more likely to become worthless. There is a risk that the expected change or event might not occur, which could cause the price of the security to fall, perhaps sharply. 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. 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. 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. 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. 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. Portfolio turnover risk – Frequent changes in the securities held by the Fund, including investments made on a shorter-term basis or in derivative instruments or in instruments with a maturity of one year or less at the time of acquisition, may increase transaction costs, which may reduce performance. 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. Short sales risk – A short sale may be effected by selling a security that the Fund does not own. If the price of the security sold short increases, the Fund would incur a loss; conversely, if the price declines, the Fund will realize a gain. The Fund may take a short position in securities or in a derivative instrument, such as a future, forward or swap. Short sales involve greater reliance on the investment manager’s ability to accurately anticipate the future value of an instrument, potentially higher transaction and other costs (that will reduce potential Fund gains and increase potential Fund losses), and imperfect correlation between the actual and desired level of exposure. Because the Fund’s potential loss on a short position arises from increases in the value of the asset sold short, the extent of such loss, like the price of the asset sold short, is theoretically unlimited. By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The Fund’s long positions could decline in value at the same time that the value of the short positions increase, thereby increasing the Fund’s overall potential for loss to a greater extent than would occur without the use of leverage. Short positions typically involve increased liquidity risk and transaction costs, and the risk that the third party to the short sale may fail to honor its contract terms. 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. Options risk – If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium paid by the Fund. If the Fund sells an option, it sells to another person the right to buy from or sell to the Fund a specific amount of the underlying instrument or futures contract on the underlying instrument at an agreed upon price typically in exchange for a premium received by the Fund. Options may be illiquid and the Fund may have difficulty closing out its position. The prices of options can be highly volatile and the use of options can lower total returns. Special purpose acquisition companies risk – The Fund may invest in stock of, warrants to purchase stock of, and other interests in special purpose acquisition companies or similar special purpose entities that pool funds to seek potential acquisition opportunities (collectively, “SPACs”). Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. Distressed securities risk – Distressed securities risk refers to the uncertainty of repayment of defaulted securities and obligations of distressed issuers. Because the issuer of such securities is likely to be in a distressed financial condition, repayment of distressed or defaulted securities (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in bankruptcy or insolvency proceedings) is subject to significant uncertainties. Insolvency laws and practices in foreign jurisdictions are different than those in the U.S. and the effect of these laws and practices may be less favorable and predictable than in the U.S. Investments in defaulted securities and obligations of distressed issuers are considered highly speculative. 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. 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. 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. Hedging instruments risk – The Fund may attempt, from time to time, to hedge (protect) against currency risks, largely using forward foreign currency exchange contracts, where available and when, in the Sub-Adviser’s opinion, it would be advantageous to the Fund. A forward foreign currency exchange contract is an agreement to buy or sell a specific currency at a future date and at a price set at the time of the contract. Forward foreign currency exchange contracts may reduce the risk of loss from a change in value of a currency, but they also limit any potential gains and do not protect against fluctuations in the value of the underlying position. For example, during periods when the U.S. dollar weakens in relation to a foreign currency, the Fund’s use of a currency hedging program will result in lower returns than if no currency hedging programs were in effect. Forward foreign currency exchange contracts and put options are considered derivative investments, because their value and performance depend, at least in part, on the value and performance of an underlying asset. The Fund may also use futures, swaps, and other derivative instruments to hedge risk. The Fund’s investment in derivatives may involve a small investment relative to the amount of risk assumed. To the extent the Fund enters into these transactions, its success will depend on the Sub-Adviser’s ability to predict market movements, and their use may have the opposite effect of that intended. Risks include potential loss due to the imposition of controls by a government on the exchange of foreign currencies, the loss of any premium paid to enter into the transaction, delivery failure, default by any other party, or inability to close out a position because the trading market becomes illiquid. In addition, for certain reasons, the Fund may not seek to establish a perfect correlation between such hedging instruments and the portfolio instruments being hedged. Such imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. It is not possible to hedge fully or perfectly against any risk. 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. 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. 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. Master limited partnership risk – An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The benefit derived from the Fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes. Certain MLPs may be illiquid securities. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. Call risk – Call risk is the risk that, during a period of falling interest rates, the issuer may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at lower interest rates. Convertible securities risk – Convertible securities have investment characteristics of both equity and debt securities. Investments in convertible securities may be subject to market risk, credit and counterparty risk, interest rate risk and other risks associated with investments in equity and debt securities, depending on the price of the underlying security and conversion price. While equity securities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. The value of convertible and debt securities may fall when interest rates rise. Securities with longer durations tend to be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Due to their hybrid nature, convertible securities are typically more sensitive to changes in interest rates than the underlying common stock, but less sensitive than a fixed rate corporate bond. 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. 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. 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. <div id="xdx_A81_eoef--BarChartTableTextBlock_z1Wk5XoIgLB3"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zheL6EVFbbyl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_483_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000153492Member_znsH6ySCiDzf" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zMre72e9sEJ2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">2.55</td></tr> <tr id="xdx_41E_20170101__20171231_zDypA7Hik1Ng" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">5.47</td></tr> <tr id="xdx_416_20180101__20181231_zxU9ZMjgZxs9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">5.04</td></tr> <tr id="xdx_415_20190101__20191231_zbMQ3wvN0GK1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">11.77</td></tr> <tr id="xdx_410_20200101__20201231_zPcn12yxYgH5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">6.30</td></tr> <tr id="xdx_415_20210101__20211231_zm5PgXsqEJ5c" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">2.96</td></tr> <tr id="xdx_41F_20220101__20221231_zeKWiO9Eqkc4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-3.29</td></tr> <tr id="xdx_41B_20230101__20231231_zVCAJMtf5lpg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">6.46</td></tr> <tr id="xdx_41D_20240101__20241231_ztmszTsujKD3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">4.79</td></tr> <tr id="xdx_417_20250101__20251231_zQPxYYHDdmBj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">7.39</td></tr> </table> <img alt="PerformanceBarChartData(2016:2.55,2017:5.47,2018:5.04,2019:11.77,2020:6.3,2021:2.96,2022:-3.29,2023:6.46,2024:4.79,2025:7.39)" src="jnlst485bpos202.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 10.48%; Worst Quarter (ended 3/31/2020): -13.68% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zrsY6FpJ2Sp6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000153493Member_zKYGqhIhhGv6" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_412_20180101__20181231_zbdigWE35ra5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">5.31</td></tr> <tr id="xdx_41C_20190101__20191231_zVJnI69DBgYl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">12.16</td></tr> <tr id="xdx_414_20200101__20201231_zi4VTLguz0Xj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">6.59</td></tr> <tr id="xdx_412_20210101__20211231_zKV9NEz9i9d2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">3.31</td></tr> <tr id="xdx_411_20220101__20221231_zsh2XrSvaevg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-3.04</td></tr> <tr id="xdx_414_20230101__20231231_zDeWiYKdB0Af" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">6.77</td></tr> <tr id="xdx_413_20240101__20241231_zALukKTwba1c" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">5.07</td></tr> <tr id="xdx_418_20250101__20251231_zNgg43ZTSodg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">7.69</td></tr> </table> <img alt="PerformanceBarChartData(2018:5.31,2019:12.16,2020:6.59,2021:3.31,2022:-3.04,2023:6.77,2024:5.07,2025:7.69)" src="jnlst485bpos203.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 10.59%; Worst Quarter (ended 3/31/2020): -13.64% 0.0255 0.0547 0.0504 0.1177 0.0630 0.0296 -0.0329 0.0646 0.0479 0.0739 Best Quarter 2020-12-31 0.1048 Worst Quarter 2020-03-31 -0.1368 0.0531 0.1216 0.0659 0.0331 -0.0304 0.0677 0.0507 0.0769 Best Quarter 2020-12-31 0.1059 Worst Quarter 2020-03-31 -0.1364 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zGzpPH94jdh4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_znCgvOX3Efjh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zFb2I4A31lii" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_496_20210101__20251231_zxVchRinXlO6" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49C_20160101__20251231_zRuFsejI82z6" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000153492Member_zIAD9Lte5az5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/Westchester Capital Event Driven Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.39</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zo6MwQd0j8V3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--WilshireLiquidAlternativeEventDrivenIndexMember_zYQ2eSlgqHRj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Wilshire Liquid Alternative Event Driven Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">3.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.55</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49D_20250101__20251231_zfH1dW2vUrJd" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_496_20210101__20251231_zcjbIEa31tng" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_492_20170925__20251231_zesYYzEGoAM3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000153493Member_zlGWcIcyvF6" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/Westchester Capital Event Driven Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.69</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.89</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zg3ZW2Vvf9S9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--WilshireLiquidAlternativeEventDrivenIndexMember_zB3jyALhkwPi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Wilshire Liquid Alternative Event Driven Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">3.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.38</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0739 0.0359 0.0488 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.0350 0.0161 0.0255 2017-09-25 0.0769 0.0389 0.0538 0.0730 -0.0036 0.0172 0.0350 0.0161 0.0238 JNL/WMC Balanced Fund Class A Class I Investment Objective. The investment objective of the Fund is reasonable income and 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. <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zgVYKnEpsPb7"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zLeS8E5hlZ5f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zq0O9wiM3Nuc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000004651Member_zWOSnpSjm5l3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zTO0ak2OGmQh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.32%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgfucZCLQ7ui" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_z190L7hePNh3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zsUHKcl5JPj1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.71%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000067982Member_zvX9x0cXMWql" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_406_eoef--ManagementFeesOverAssets_dpn_zjJtbXWX7Zoh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.32%</td></tr> <tr id="xdx_402_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3vQQvup4EDg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_409_eoef--OtherExpensesOverAssets_dpn_zw2qxRKCHhs6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_z4Di7fec7wQc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.41%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0032 0.0030 0.0009 0.0071 0.0032 0.0000 0.0009 0.0041 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zAx2SUeONCxe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z2wTJnNTk9Ga" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Balanced Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_dn_ziHuGS6A85vb" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_zWtJhO0QQcYb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zA3EJfDLRyv9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_z2kJIMa06LQ8" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000004651Member_z8LQwEZIuK6k" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$73</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$227</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$395</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$883</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Balanced Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_dn_z3wvJxBqki23" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_z8FpNCemXNV4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_dn_zPsFb0YM6H06" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_znVkzHtyu0j5" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000067982Member_zQK3NFbPIRAi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$42</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$132</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$230</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$518</td></tr> </table> 73 227 395 883 42 132 230 518 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">99</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.99 Principal Investment Strategies. The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of common stocks and investment grade fixed-income securities. The Fund may invest in any type or class of security. The anticipated mix of the Fund’s holdings is typically 60-70% of its assets in equities and 30-40% in fixed-income securities, including, investment-grade corporate bonds, U.S. Treasury and government agency bonds, mortgage-backed securities, asset-backed securities, and commercial-backed securities. Cash and cash equivalents are included in the fixed income fund weighting. The Fund may invest in derivatives to reduce fixed-income exposure to facilitate meeting the Fund's objective. The Fund may invest up to 25% of its assets in foreign equity and foreign fixed-income securities. The anticipated mix of the Fund’s holdings is typically 60-70% of its assets in equities and 30-40% in fixed-income securities, including, investment-grade corporate bonds, U.S. Treasury and government agency bonds, mortgage-backed securities, asset-backed securities, and commercial-backed securities As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zVEDi4X2pBW8"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zvpQRiuYvF84" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004651Member_zle5kHKPMLse" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_415_20160101__20161231_zgEXzAhMVsye" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">10.82</td></tr> <tr id="xdx_419_20170101__20171231_zJan2pAkjWfd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">12.49</td></tr> <tr id="xdx_41D_20180101__20181231_z3I6TBj2fXT9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-3.41</td></tr> <tr id="xdx_415_20190101__20191231_zYxuveQnA2Ta" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">21.46</td></tr> <tr id="xdx_414_20200101__20201231_z1khP6oSiZSj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">8.33</td></tr> <tr id="xdx_41C_20210101__20211231_ziLisK7BVin1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">18.68</td></tr> <tr id="xdx_410_20220101__20221231_zQCX44SvonIk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.95</td></tr> <tr id="xdx_41E_20230101__20231231_zx5xMT4drj4a" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">13.08</td></tr> <tr id="xdx_41E_20240101__20241231_zDVSdYB4t3s5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">14.64</td></tr> <tr id="xdx_41C_20250101__20251231_zhHoAFfI6T9f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.69</td></tr> </table> <img alt="PerformanceBarChartData(2016:10.82,2017:12.49,2018:-3.41,2019:21.46,2020:8.33,2021:18.68,2022:-13.95,2023:13.08,2024:14.64,2025:15.69)" src="jnlst485bpos204.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.39%; Worst Quarter (ended 3/31/2020): -14.62% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zHuLf4oNBk61" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067982Member_zORf1oBFj1vb" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_415_20160101__20161231_zQoh1orbyki8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">11.03</td></tr> <tr id="xdx_417_20170101__20171231_zZEv5upJXFT4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">12.75</td></tr> <tr id="xdx_41A_20180101__20181231_zcR8COWqwx22" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-3.15</td></tr> <tr id="xdx_414_20190101__20191231_zVoJ0eZE8uf9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">21.84</td></tr> <tr id="xdx_411_20200101__20201231_ze2LXuSyxPj2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">8.65</td></tr> <tr id="xdx_419_20210101__20211231_z56EXGgaZPjg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">19.04</td></tr> <tr id="xdx_41B_20220101__20221231_zPrjEemzvfRb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.69</td></tr> <tr id="xdx_413_20230101__20231231_zGDAYWBsr1G8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">13.42</td></tr> <tr id="xdx_410_20240101__20241231_zwEgk2Xw4Nbk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">14.96</td></tr> <tr id="xdx_41C_20250101__20251231_z8zzbytBh2ug" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">16.04</td></tr> </table> <img alt="PerformanceBarChartData(2016:11.03,2017:12.75,2018:-3.15,2019:21.84,2020:8.65,2021:19.04,2022:-13.69,2023:13.42,2024:14.96,2025:16.04)" src="jnlst485bpos205.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.45%; Worst Quarter (ended 3/31/2020): -14.55% 0.1082 0.1249 -0.0341 0.2146 0.0833 0.1868 -0.1395 0.1308 0.1464 0.1569 Best Quarter 2020-06-30 0.1139 Worst Quarter 2020-03-31 -0.1462 0.1103 0.1275 -0.0315 0.2184 0.0865 0.1904 -0.1369 0.1342 0.1496 0.1604 Best Quarter 2020-06-30 0.1145 Worst Quarter 2020-03-31 -0.1455 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zF4v0ipnLcUc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zxxLBArVBPmd" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_z7vjxTm6jUQ" style="width: 8%; text-align: center"> </td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_49D_20210101__20251231_zzyhVMPLTlFa" style="width: 8%; text-align: center"> </td> <td style="width: 2%; text-align: center"> </td> <td id="xdx_49E_20160101__20251231_zIh9bQ8QOBB1" style="width: 8%; text-align: center"> </td> <td style="width: 2%; text-align: right"> </td></tr> <tr style="vertical-align: top"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt; text-align: right"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004651Member_z2bRqFFysb28" style="vertical-align: top"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/WMC Balanced Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.69</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.90</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.27</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zOMaaesBTldi" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyFivePercentSAndP500IndexThirtyFivePercentBloombergUSAggregateIndexMember_zB1ga5RB4vhd" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.42</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zfTSndNoSMwb" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_zYDKV8trEPWa" style="text-align: center; width: 8%"> </td> <td style="text-align: center; width: 2%"> </td> <td id="xdx_49D_20210101__20251231_zHQTuEuipwZf" style="text-align: center; width: 8%"> </td> <td style="text-align: center; width: 2%"> </td> <td id="xdx_49E_20160101__20251231_z8WHz7DXONmf" style="text-align: center; width: 8%"> </td> <td style="text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067982Member_zvxssDA5X1hh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/WMC Balanced Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">16.04</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zyGCW1jvNlc9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyFivePercentSAndP500IndexThirtyFivePercentBloombergUSAggregateIndexMember_zPohR6ltbPu" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">65% S&P 500 Index, 35% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">14.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.42</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zAqrg4cpGO98" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1569 0.0890 0.0927 (reflects no deduction for fees, expenses, or taxes) 0.1788 0.1442 0.1482 0.1423 0.0921 0.1042 0.0730 -0.0036 0.0201 0.1604 0.0922 0.0957 0.1788 0.1442 0.1482 0.1423 0.0921 0.1042 0.0730 -0.0036 0.0201 JNL/WMC Equity Income Fund Class A Class I Investment Objective. The investment objective of the Fund is an above-average level of current income and reasonable long-term capital appreciation. 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. <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_z5Pxcy7O3r59"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zokGfz9ODFU1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z6Li7LnRsTO5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192064Member_zhI495qWqJPh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zzmxJHqgGtVj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.44%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zLGYeoHfZM3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zusPMoq6POQ3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zCCuUld2aXu" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.89%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_495_20260423__20260423__oef--ClassAxis__custom--C000192065Member_zNr3sZUubGbf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zQ4Iti8AcCJ6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.44%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzwlfSnUaylg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_404_eoef--OtherExpensesOverAssets_dpn_zxtYQrpwETDi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.15%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zwuozf1DanI" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.59%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0044 0.0030 0.0015 0.0089 0.0044 0.0000 0.0015 0.0059 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0ZNozfVqRze"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5RGmWKdnYC8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Equity Income Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_zsjQv4BrVEMd" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_zYqcp4xZFWB2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_dn_zq35yVbLrSh2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_dn_zwrA0K4Ae0T6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000192064Member_zn7XuEpyVBk6" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$284</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$493</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,096</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Equity Income Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_z9FbWSIcZKPd" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_zqkwg5yeaYB" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_dn_zAhnPXnNvGKe" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_dn_zyzY705iJJyd" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000192065Member_z7HeUPGlISa3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$189</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$329</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$738</td></tr> </table> 91 284 493 1096 60 189 329 738 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.67 Principal Investment Strategies. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. The Fund invests mainly in common stocks of mid-size and large companies whose stocks typically pay above-average levels of dividend income and are, in the opinion of Wellington Management Company LLP (“Sub-Adviser”), undervalued relative to similar stocks. The Sub-Adviser generally considers mid-size and large companies to be those companies that, at the time of initial purchase, have market capitalizations of $10 billion or higher. In addition, the Sub-Adviser generally looks for companies that it believes are committed to paying dividends consistently. The Fund may invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. The Sub-Adviser employs active investment management methods, which means that securities are bought and sold according to the Sub-Adviser’s evaluations of companies and their financial prospects, the prices of the securities, and the stock market and the economy in general. The Fund seeks to achieve its objective by investing, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in equity securities. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. 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. Performance prior to April 26, 2021 reflects the Fund's results when the Fund did not have a sub-adviser and operated as a feeder fund in a master-feeder arrangement. 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. 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. <div id="xdx_A83_eoef--BarChartTableTextBlock_zEoVZxHDfVp4"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zT32Sq1QRLS5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192064Member_zjbhDOKYIrhe" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20180101__20181231_zn0G2GSSYAX7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.47</td></tr> <tr id="xdx_417_20190101__20191231_zbSjoQUpr0p2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">23.75</td></tr> <tr id="xdx_413_20200101__20201231_zEwoIcubKLI2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">2.59</td></tr> <tr id="xdx_41E_20210101__20211231_zuRv5e2rYG1e" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">25.65</td></tr> <tr id="xdx_41D_20220101__20221231_zJaljyjuF6Jl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">0.50</td></tr> <tr id="xdx_412_20230101__20231231_z9P1N5t3piRf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">6.63</td></tr> <tr id="xdx_415_20240101__20241231_zSGRFsqiLaV4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.54</td></tr> <tr id="xdx_41C_20250101__20251231_z7mOwqhvd652" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">16.72</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.47,2019:23.75,2020:2.59,2021:25.65,2022:0.5,2023:6.63,2024:12.54,2025:16.72)" src="jnlst485bpos206.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 13.23%; Worst Quarter (ended 3/31/2020): -22.83% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zJqDbydMEfN3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_481_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192065Member_zrDZs5YhFt85" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41F_20180101__20181231_zpL2aRRAFry5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.17</td></tr> <tr id="xdx_417_20190101__20191231_zl9enYPtZY6j" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">24.03</td></tr> <tr id="xdx_419_20200101__20201231_z356K4TshLNj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">2.97</td></tr> <tr id="xdx_419_20210101__20211231_zu4SXpIYXoq8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">26.00</td></tr> <tr id="xdx_411_20220101__20221231_zvI530OB3zIf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">0.81</td></tr> <tr id="xdx_419_20230101__20231231_zuANxeMIMnae" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">7.01</td></tr> <tr id="xdx_419_20240101__20241231_z4190Cd9SpAa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.81</td></tr> <tr id="xdx_419_20250101__20251231_zxyderI0uppd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">17.11</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.17,2019:24.03,2020:2.97,2021:26,2022:0.81,2023:7.01,2024:12.81,2025:17.11)" src="jnlst485bpos207.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 12/31/2022): 13.30%; Worst Quarter (ended 3/31/2020): -22.75% -0.0647 0.2375 0.0259 0.2565 0.0050 0.0663 0.1254 0.1672 Best Quarter 2022-12-31 0.1323 Worst Quarter 2020-03-31 -0.2283 -0.0617 0.2403 0.0297 0.2600 0.0081 0.0701 0.1281 0.1711 Best Quarter 2022-12-31 0.1330 Worst Quarter 2020-03-31 -0.2275 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zniKaiRixh2l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zyxrBeouhHil" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_490_20250101__20251231_z2FNUeuPB6Bl" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_499_20210101__20251231_zQwsXjRd1Cnh" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20170925__20251231_zAzqzB56TeYk" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Fund (September 25, 2017)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192064Member_z31Ya8bC1Xk" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/WMC Equity Income Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">16.72</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">12.08</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">10.25</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zynl77yuw8F" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDividendCompositeIndexMember_zwAPnqhfS6r3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_490_20250101__20251231_zKfliyIw73x9" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_499_20210101__20251231_zPsB1rIQzFa5" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49D_20170925__20251231_zoQwPqnLTl8c" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192065Member_zNcuYOAoCNA" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/WMC Equity Income Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">17.11</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">12.42</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">10.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zf79jtlA7jN8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.76</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDividendCompositeIndexMember_z1Hd9SKaJgxc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Dividend Composite Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.49</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.92</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2017-09-25 0.1672 0.1208 0.1025 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1476 0.1549 0.1245 0.1192 2017-09-25 0.1711 0.1242 0.1060 0.1780 0.1388 0.1476 0.1549 0.1245 0.1192 JNL/WMC Value Fund Class A Class I 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. <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_zMK8I3O8skgc"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zMSsTLdwG3Qb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zCfBvS5BZdnc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000004655Member_zgKYFqs6fUac" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zMsoq41AvAr9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zKrEFWdVIkT2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_z8KIG1mg0K13" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_ze81qQJElF2c" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.79%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_494_20260423__20260423__oef--ClassAxis__custom--C000067986Member_z4GU5GgbZRQc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zpueYDmGR8d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.39%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zvIBHX7hTBt5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40C_eoef--OtherExpensesOverAssets_dpn_zH6ZG4XdkKF" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_z7kYi2fbHPDl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.49%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> </table> 0.0039 0.0030 0.0010 0.0079 0.0039 0.0000 0.0010 0.0049 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zicwnaypuVpi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zLZHLJYPX8Wa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Value Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_zRlSRpDXEayk" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_zytUS4MdgoQb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_dn_zRwkW89y6nr6" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_dn_zAmj3KooJMre" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41A_20260423__20260423__oef--ClassAxis__custom--C000004655Member_zA0RxMON668e" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$81</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$252</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$439</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$978</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/WMC Value Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_482_eoef--ExpenseExampleYear01_dn_znVSN1a4P4wg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_dn_zezJGV5Iddre" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_dn_zqn01V48DuPa" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear10_dn_zQVSgPV08Fh9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_412_20260423__20260423__oef--ClassAxis__custom--C000067986Member_zM5yCiVQnEv" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$157</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$616</td></tr> </table> 81 252 439 978 50 157 274 616 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">42</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.42 Principal Investment Strategies. The Fund seeks to meet its objective by investing under normal circumstances at least 65% of its total assets in common stocks of domestic companies. Although the Fund may invest in companies with a broad range of market capitalizations, the Fund will tend to focus on companies with large market capitalizations (generally above $10 billion). Using a value approach, the Fund seeks to invest in stocks that Wellington Management Company LLP (“Sub-Adviser”) believes are underpriced relative to other stocks. The Fund may invest up to 20% of its total assets in the securities of foreign issuers. The Fund seeks to meet its objective by investing under normal circumstances at least 65% of its total assets in common stocks of domestic companies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services 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. 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. Over market cycles, different investment styles may sometimes outperform other investment styles (for example, growth investing may outperform value investing). 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. 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. 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. 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. Quantitative strategy risk – Securities identified using quantitative analysis can perform differently from the market as a whole as a result of the factors used in the analysis, the weight placed on those factors, changes in a factor's historical trends, or for reasons included in the analysis. The factors used in quantitative analysis and the weights placed on those factors may not predict a security's value, and the effectiveness of the factors can change over time. These changes may not be reflected in the current quantitative model. 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. 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zps1FSkcECjg"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z2wV9yNTesxe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004655Member_zXeYTb5Y0rYk" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20160101__20161231_zE2b90VVF246" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">13.42</td></tr> <tr id="xdx_417_20170101__20171231_zQ4IUkz0m1Hg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">15.20</td></tr> <tr id="xdx_41A_20180101__20181231_zaj50uwVfiCf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-10.30</td></tr> <tr id="xdx_416_20190101__20191231_zphnrmmP4aTh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">27.51</td></tr> <tr id="xdx_41A_20200101__20201231_zoe7FrBehYZ3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">1.52</td></tr> <tr id="xdx_419_20210101__20211231_zxufbfbpLjn8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">26.98</td></tr> <tr id="xdx_415_20220101__20221231_zr25LaLbwnrf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-4.84</td></tr> <tr id="xdx_412_20230101__20231231_zTe5Ho78Pba2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">9.21</td></tr> <tr id="xdx_41C_20240101__20241231_zdi3MMmdQPBa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">10.88</td></tr> <tr id="xdx_418_20250101__20251231_zlumyITYpjZ2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.67</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.42,2017:15.2,2018:-10.3,2019:27.51,2020:1.52,2021:26.98,2022:-4.84,2023:9.21,2024:10.88,2025:14.67)" src="jnlst485bpos208.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 15.10%; Worst Quarter (ended 3/31/2020): -25.79% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_z9grlPL5aGhc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000067986Member_zjMuG904MTzi" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zVKCltxHpKLb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">13.66</td></tr> <tr id="xdx_417_20170101__20171231_znX9IUWTQlri" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">15.49</td></tr> <tr id="xdx_41A_20180101__20181231_zvvRxyObsAg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-10.02</td></tr> <tr id="xdx_416_20190101__20191231_zQghQElgLZJl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">27.86</td></tr> <tr id="xdx_41A_20200101__20201231_zTfKIe0aahC1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">1.84</td></tr> <tr id="xdx_419_20210101__20211231_zWxnrFzrZX51" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">27.36</td></tr> <tr id="xdx_415_20220101__20221231_zjWsdr0NTdtl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-4.56</td></tr> <tr id="xdx_412_20230101__20231231_zshqLoeSX4xj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">9.56</td></tr> <tr id="xdx_41C_20240101__20241231_zWY99XYq3guk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">11.22</td></tr> <tr id="xdx_418_20250101__20251231_zaktiRDnVdzi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.99</td></tr> </table> <img alt="PerformanceBarChartData(2016:13.66,2017:15.49,2018:-10.02,2019:27.86,2020:1.84,2021:27.36,2022:-4.56,2023:9.56,2024:11.22,2025:14.99)" src="jnlst485bpos209.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2020): 15.18%; Worst Quarter (ended 3/31/2020): -25.70% 0.1342 0.1520 -0.1030 0.2751 0.0152 0.2698 -0.0484 0.0921 0.1088 0.1467 Best Quarter 2020-12-31 0.1510 Worst Quarter 2020-03-31 -0.2579 0.1366 0.1549 -0.1002 0.2786 0.0184 0.2736 -0.0456 0.0956 0.1122 0.1499 Best Quarter 2020-12-31 0.1518 Worst Quarter 2020-03-31 -0.2570 <div id="xdx_A84_eoef--PerformanceTableTextBlock_zP5rp8e0u6H8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zvddR5Wo9vX8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_zW7OSSbmAu7" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zg9cVdCysNf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49A_20160101__20251231_zNowGKXNzHf3" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004655Member_z6nIKj7d6KLe" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/WMC Value Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.67</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.80</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zjLzGBR9vL66" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zW1gUqAwRn83" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 3pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49A_20250101__20251231_zSc8UGUgjPg5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_494_20210101__20251231_zwsPaPhh20Ge" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_49A_20160101__20251231_zPMoQwzTBBGe" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000067986Member_zKJgkRMy6pZ3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 3pt">JNL/WMC Value Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.99</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.11</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSTargetMarketExposureIndexMember_zKeYtvEhmV19" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Target Market Exposure Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.80</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.77</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSLargeMidCapBroadValueIndexMember_zGdqWo5vcMU6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 3pt">Morningstar US Large-Mid Cap Broad Value Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.83</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">13.38</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">12.50</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1467 0.1091 0.0980 (reflects no deduction for fees, expenses, or taxes) 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 0.1499 0.1124 0.1011 0.1780 0.1388 0.1477 0.1883 0.1338 0.1250 JNL/JPMorgan Managed Conservative Fund Class A Class I Investment Objectives. The investment objective of the Fund is to seek current income. Capital growth is a secondary objective. 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z4Rh1BJsuUqh"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_ztwX8WdtfmL3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zo0U3aMaNKFc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000004659Member_zuSV83keUyXe" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zP2Q7sI4M0jd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zXKcD5WSpJPa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zLWlqxI5ySrj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z6uus3krVBY3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_z2ZSY1ECK1dd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.16%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">"Other Expenses" include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC ("JNAM" or "Adviser").</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000192197Member_z5fYSgzioe62" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_znhBiqi4ULC5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_408_eoef--DistributionAndService12b1FeesOverAssets_dpn_zgSvDCAGFT82" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zHTAJe5bNGAa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_ziwlNWSQIVG1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_z4gDFLGjMsHe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0012 0.0030 0.0005 0.0069 0.0116 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. 0.0012 0.0000 0.0005 0.0069 0.0086 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: <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zWu0BfzJByhd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUB2STu7sCVa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Conservative Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_zLHtxNNjCGo8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_dn_zhBlvEYdIry7" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_dn_z1B3pkcWd6v9" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zDNmmai8FJoh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000004659Member_z6dNQfigzXhf" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$118</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$638</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,409</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Conservative Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_z7R9EDgNXY8a" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_dn_zkkxW2vu1oUh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_dn_zOZNoPnuv2E2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zqzoKK25BjN2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_419_20260423__20260423__oef--ClassAxis__custom--C000192197Member_zMM6mX9keAg3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$477</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,061</td></tr> </table> 118 368 638 1409 88 274 477 1061 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">12</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.12 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 10% to 30% of its assets to Underlying Funds that invest primarily in equity securities, 70% to 90% to Underlying Funds that invest primarily in fixed-income securities, 0% to 30% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). In determining allocations to any particular Underlying Fund, the Fund’s investment adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is responsible for managing the investment of portfolio assets solely according to the asset allocation instructions provided by J.P. Morgan Investment Management, Inc. (“JPMorgan”), the Fund’s sub-adviser (“Sub-Adviser”). The Adviser determines the corresponding weights and executes transactions in the Underlying Funds. The Fund’s allocations are rebalanced periodically by the Sub-Adviser. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. The Fund does not take direct positions in derivatives, asset-backed securities, mortgage-backed securities or junk bonds. Through the implementation of the Fund’s asset allocation model, the Fund may seek exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds by purchasing shares of funds that may have direct or indirect exposure to these asset classes. Consequently, the risks to the Fund are limited to the risks associated with investing in funds that have investments in these asset classes. The principal risks to investing in the Fund, including those that may arise from indirect exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds are detailed in the “Principal Risks of Investing” and “Glossary of Risks” sections of the Fund’s prospectus. Under normal circumstances, the Fund allocates approximately 10% to 30% of its assets to Underlying Funds that invest primarily in equity securities, 70% to 90% to Underlying Funds that invest primarily in fixed-income securities, 0% to 30% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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. 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. 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). Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. 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. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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 additional indices 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. Performance prior to on or about July 1, 2019 reflects the Fund's results when managed by the former sub-adviser, Standard & Poor's Investment Advisory Services LLC. Performance prior to October 21, 2024 reflects the Fund's results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zlygYizkdwX7"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zw9I9T7s0fni" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004659Member_zUs0n0ijXSgc" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zMzFTni6oZT9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">5.02</td></tr> <tr id="xdx_417_20170101__20171231_zcRiNmypDmA2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">6.85</td></tr> <tr id="xdx_41A_20180101__20181231_zvJgfi3uDC65" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-2.31</td></tr> <tr id="xdx_416_20190101__20191231_zAbDEk8MtOd4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">11.06</td></tr> <tr id="xdx_41A_20200101__20201231_zn2Qm24WnOe7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">8.79</td></tr> <tr id="xdx_419_20210101__20211231_z4rVrzITtSF7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">3.72</td></tr> <tr id="xdx_415_20220101__20221231_z2jYea4APWZh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-14.61</td></tr> <tr id="xdx_412_20230101__20231231_zf63bRG2U65c" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">8.55</td></tr> <tr id="xdx_41C_20240101__20241231_zSjL8mnpGeB6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">4.66</td></tr> <tr id="xdx_418_20250101__20251231_ztC9ZO1Cbu95" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">9.28</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.02,2017:6.85,2018:-2.31,2019:11.06,2020:8.79,2021:3.72,2022:-14.61,2023:8.55,2024:4.66,2025:9.28)" src="jnlst485bpos210.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.46%; Worst Quarter (ended 6/30/2022): -8.41% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zM5sQXvQ6mr8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192197Member_zbjhE18y8Eeg" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zwV2eCPiD1Ug" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-2.31</td></tr> <tr id="xdx_416_20190101__20191231_z7puWFSjBmVd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden"> 11.35 </td></tr> <tr id="xdx_41A_20200101__20201231_zmqioInJrUq3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">9.10</td></tr> <tr id="xdx_419_20210101__20211231_zyjPYDpbbUIb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">4.14</td></tr> <tr id="xdx_415_20220101__20221231_znXWyzA0Aige" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-14.39</td></tr> <tr id="xdx_412_20230101__20231231_zMwP2DzgVHs9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">8.86</td></tr> <tr id="xdx_41C_20240101__20241231_zjosleGDTBg6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">5.04</td></tr> <tr id="xdx_418_20250101__20251231_zjm8NkadIvi8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">9.59</td></tr> </table> <img alt="PerformanceBarChartData(2018:-2.31,2019:11.35,2020:9.1,2021:4.14,2022:-14.39,2023:8.86,2024:5.04,2025:9.59)" src="jnlst485bpos211.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.49%; Worst Quarter (ended 6/30/2022): -8.38% 0.0502 0.0685 -0.0231 0.1106 0.0879 0.0372 -0.1461 0.0855 0.0466 0.0928 Best Quarter 2020-06-30 0.0846 Worst Quarter 2022-06-30 -0.0841 -0.0231 0.1135 0.0910 0.0414 -0.1439 0.0886 0.0504 0.0959 Best Quarter 2020-06-30 0.0849 Worst Quarter 2022-06-30 -0.0838 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zxwnDmFDyjU3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zS1lBgc80Ms7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zcH0HniUj8Pl" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zCof8TclrWZ5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zx1WdO84Vqbc" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004659Member_z3F0sY52CDc9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan Managed Conservative Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.28</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.92</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">3.83</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zxtLgJHHJdC2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarConservativeTargetRiskIndexMember_zMd0pNA0Wpnk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.40</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.98</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentBloombergUSAggregateIndexFourteenPointThreeZeroPercentSP500IndexFivePointSevenZeroPercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_zQZ3qMK9YpOg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.28</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z8m14eCVfWVg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_z8zLVLJ4EJO9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zjkCrACfTPp1" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zTALOU41mPCi" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zqOyjXIgyrXe" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192197Member_zGPqni3fm254" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/JPMorgan Managed Conservative Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">9.59</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">2.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">3.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zw7EAqjGSYUd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarConservativeTargetRiskIndexMember_zZptP2JZT7Jj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.40</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentBloombergUSAggregateIndexFourteenPointThreeZeroPercentSP500IndexFivePointSevenZeroPercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_znfLww4aQAQh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Bloomberg U.S. Aggregate Index, 14.30% S&P 500 Index, 5.70% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.13</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.28</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zmcKI6TJxIOh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_z13XHtJmnzkd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0928 0.0192 0.0383 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.1040 0.0181 0.0398 0.1013 0.0228 0.0427 0.1788 0.1442 0.1482 0.3161 0.0900 0.0827 2017-09-25 0.0959 0.0224 0.0364 0.0730 -0.0036 0.0172 0.1040 0.0181 0.0358 0.1013 0.0228 0.0401 0.1788 0.1442 0.1482 0.3161 0.0900 0.0758 JNL/JPMorgan Managed Moderate Fund Class A Class I Investment Objective. The investment objective of the Fund is current income and 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. <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zQouKbUQC5e1"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_ztphpYuBFlk6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zr2ESOCMl45e" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000004660Member_zp2wKD6uOH25" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zlDG5CLTvObk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zQgFy8Vtj8X5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zBFXExiNnmc9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zw3uKFAQ9pek" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.68%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_zusw2cuNjHuh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.13%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or "Adviser").</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_499_20260423__20260423__oef--ClassAxis__custom--C000192198Member_zP6ifIhUDrW9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zTv8aI105GY3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_40F_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDP0FZOJivBh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_z06oAvHYAkA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zyD7JUDbt0ri" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.68%</td></tr> <tr id="xdx_407_eoef--ExpensesOverAssets_dpn_z2L0zdhMfRm3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0010 0.0030 0.0005 0.0068 0.0113 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. 0.0010 0.0000 0.0005 0.0068 0.0083 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zATqh6YUA7Cf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zwW3WS6zTarl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Moderate Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_dn_z8zbZjQqHBkc" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_z5W4LVC5iUe2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_dn_zjiEA9GVM0Pc" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zGRahDDOWzr7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_416_20260423__20260423__oef--ClassAxis__custom--C000004660Member_zg6zVQPQMug6" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$115</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$359</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$622</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,375</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Moderate Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48F_eoef--ExpenseExampleYear01_dn_zeJguy5cxlvg" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_z8qCngEu5LY2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_dn_zzocqqbEhFR7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zWwZIXuHGkca" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000192198Member_zIxYaP7ixUG9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> 115 359 622 1375 85 265 460 1025 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 30% to 50% of its assets to Underlying Funds that invest primarily in equity securities, 50% to 70% to Underlying Funds that invest primarily in fixed-income securities, 0%-25% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). In determining allocations to any particular Underlying Fund, the Fund’s investment adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is responsible for managing the investment of portfolio assets solely according to the asset allocation instructions provided by J.P. Morgan Investment Management, Inc. (“JPMorgan”), the Fund’s sub-adviser (“Sub-Adviser”). The Adviser determines the corresponding weights and executes transactions in the Underlying Funds. The Fund’s allocations are rebalanced periodically by the Sub-Adviser. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. The Fund does not take direct positions in derivatives, asset-backed securities, mortgage-backed securities or junk bonds. Through the implementation of the Fund’s asset allocation model, the Fund may seek exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds by purchasing shares of funds that may have direct or indirect exposure to these asset classes. Consequently, the risks to the Fund are limited to the risks associated with investing in funds that have investments in these asset classes. The principal risks to investing in the Fund, including those that may arise from indirect exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds are detailed in the “Principal Risks of Investing” and “Glossary of Risks” sections of the Fund’s prospectus. Under normal circumstances, the Fund allocates approximately 30% to 50% of its assets to Underlying Funds that invest primarily in equity securities, 50% to 70% to Underlying Funds that invest primarily in fixed-income securities, 0%-25% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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. 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. 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). Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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. 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. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. 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. 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. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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 additional indices 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. Performance prior to on or about July 1, 2019 reflects the Fund's results when managed by the former sub-adviser, Standard & Poor's Investment Advisory Services LLC. Performance prior to October 21, 2024 reflects the Fund's results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8E_eoef--BarChartTableTextBlock_zTsEHfrybFf1"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zDmNPSRJ4SEl" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004660Member_z0ypu1y3HA92" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zNYvqEGoOtT" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">5.55</td></tr> <tr id="xdx_417_20170101__20171231_zfq1ik22xvH4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">11.17</td></tr> <tr id="xdx_41A_20180101__20181231_zgvnGASVKE61" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-3.43</td></tr> <tr id="xdx_416_20190101__20191231_zQlhSHQmAau1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">14.83</td></tr> <tr id="xdx_41A_20200101__20201231_zgxGAM8wKOh6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">12.39</td></tr> <tr id="xdx_419_20210101__20211231_zAlVyHdLTrJf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">6.76</td></tr> <tr id="xdx_415_20220101__20221231_z54KSytJhHyd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.51</td></tr> <tr id="xdx_412_20230101__20231231_zOJ1FxK8MpHb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">12.19</td></tr> <tr id="xdx_41C_20240101__20241231_zkxAqcKcg0pg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.07</td></tr> <tr id="xdx_418_20250101__20251231_zKY8vjsnRSEl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">10.83</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.55,2017:11.17,2018:-3.43,2019:14.83,2020:12.39,2021:6.76,2022:-16.51,2023:12.19,2024:7.07,2025:10.83)" src="jnlst485bpos212.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.55%; Worst Quarter (ended 6/30/2022): -10.63% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_z5dgpAC1sIs6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_486_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192198Member_zoOcVJewJyql" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_z8xRu1dwHXu8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-3.17</td></tr> <tr id="xdx_416_20190101__20191231_zVIir686Fwl6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">15.25</td></tr> <tr id="xdx_41A_20200101__20201231_z8LszEhwMao6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">12.71</td></tr> <tr id="xdx_419_20210101__20211231_zDP9ih04yXsh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">7.05</td></tr> <tr id="xdx_415_20220101__20221231_zvdH5lcbTJe4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.26</td></tr> <tr id="xdx_412_20230101__20231231_z1JUlCvnguWa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">12.52</td></tr> <tr id="xdx_41C_20240101__20241231_zBkJuztrM7ui" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.40</td></tr> <tr id="xdx_418_20250101__20251231_zcvAYFuYBB53" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">11.17</td></tr> </table> <img alt="PerformanceBarChartData(2018:-3.17,2019:15.25,2020:12.71,2021:7.05,2022:-16.26,2023:12.52,2024:7.4,2025:11.17)" src="jnlst485bpos213.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.66%; Worst Quarter (ended 6/30/2022): -10.54% 0.0555 0.1117 -0.0343 0.1483 0.1239 0.0676 -0.1651 0.1219 0.0707 0.1083 Best Quarter 2020-06-30 0.1155 Worst Quarter 2022-06-30 -0.1063 -0.0317 0.1525 0.1271 0.0705 -0.1626 0.1252 0.0740 0.1117 Best Quarter 2020-06-30 0.1166 Worst Quarter 2022-06-30 -0.1054 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zmIPpOr2v83f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zZWnGpj2bU2g" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zHhtiMcbVh3h" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_ztUcgNbIreMl" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_z6oIRMm1At54" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004660Member_zitSlxY115k9" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan Managed Moderate Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.83</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.48</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.67</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_ztP1LSL0Y492" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zgV7mRcVndMh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentBloombergUSAggregateIndexTwentyEightPercentSP500IndexTwelvePercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_znkQGherUgvg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.46</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zZtPj9zohTRf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_z56xC3YrsXbj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zlYR8YsHNmVf" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zbExHutWFWg3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_z3wduvhaZEV3" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192198Member_zvd8s960m8O" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/JPMorgan Managed Moderate Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.79</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.47</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zu5PRAf09aP6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zqBjGCZLzk5h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentBloombergUSAggregateIndexTwentyEightPercentSP500IndexTwelvePercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_z7DStEYw5hqf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">60% Bloomberg U.S. Aggregate Index, 28% S&P 500 Index, 12% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.07</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.90</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.23</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zJBOd6B12SX7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zTL5tClgjiqk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1083 0.0348 0.0567 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.1287 0.0406 0.0610 0.1307 0.0490 0.0646 0.1788 0.1442 0.1482 0.3161 0.0900 0.0827 2017-09-25 0.1117 0.0379 0.0547 0.0730 -0.0036 0.0172 0.1287 0.0406 0.0560 0.1307 0.0490 0.0623 0.1788 0.1442 0.1482 0.3161 0.0900 0.0758 JNL/JPMorgan Managed Moderate Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is capital growth and 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. <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z37PC5lIqNJl"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zSDGlWBuWBBj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zfJ9y9Ob93Qc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004662Member_zm5bV2SPc8Za" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zZrN0vgfGcNg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zJWszsV8UAt" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zObi0BsJvfac" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zQzZrKP93E8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.68%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zdHCCVkMRSFc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.12%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; width: 70%; padding-left: 5.4pt"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000192199Member_zYHhzkKLStl2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_z1rh2d12QV0d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7A8r8GUPILh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_z0ZVVrkXyjAb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_406_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zK3LhpibglA4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.68%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_z8ExBmfQeuF9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 0pt; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.82%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0009 0.0030 0.0005 0.0068 0.0112 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. 0.0009 0.0000 0.0005 0.0068 0.0082 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: <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zwOXSs46Ab36"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zxIAaDTpg502" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Moderate Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zP5TUA0xBlx4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zlNELgDad3cc" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_dn_zk4Dm958nqE8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zCwMdFDTLgS1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000004662Member_zJHB0hfpCbw3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$114</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$356</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$617</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,363</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Moderate Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_z897AocLsHA4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zEQFpglm9LP" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_dn_zgWDd2RSB9Mi" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zgRBhfwf1zV3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000192199Member_ztSEF7ArDAhb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$84</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$262</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$455</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,014</td></tr> </table> 114 356 617 1363 84 262 455 1014 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">9</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.09 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 50% to 70% of its assets to Underlying Funds that invest primarily in equity securities, 30% to 50% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). In determining allocations to any particular Underlying Fund, the Fund’s investment adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is responsible for managing the investment of portfolio assets solely according to the asset allocation instructions provided by J.P. Morgan Investment Management, Inc. (“JPMorgan”), the Fund’s sub-adviser (“Sub-Adviser”). The Adviser determines the corresponding weights and executes transactions in the Underlying Funds. The Fund’s allocations are rebalanced periodically by the Sub-Adviser. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. The Fund does not take direct positions in derivatives, asset-backed securities, mortgage-backed securities or junk bonds. Through the implementation of the Fund’s asset allocation model, the Fund may seek exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds by purchasing shares of funds that may have direct or indirect exposure to these asset classes. Consequently, the risks to the Fund are limited to the risks associated with investing in funds that have investments in these asset classes. The principal risks to investing in the Fund, including those that may arise from indirect exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds are detailed in the “Principal Risks of Investing” and “Glossary of Risks” sections of the Fund’s prospectus. Under normal circumstances, the Fund allocates approximately 50% to 70% of its assets to Underlying Funds that invest primarily in equity securities, 30% to 50% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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. 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. 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). 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. An Underlying 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. 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. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. 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. 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. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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 additional indices 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. Performance prior to on or about July 1, 2019 reflects the Fund's results when managed by the former sub-adviser, Standard & Poor's Investment Advisory Services LLC. Performance prior to October 21, 2024 reflects the Fund's results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 42% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index, 18% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A87_eoef--BarChartTableTextBlock_zowM9q6PRpyj"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zXw8uS2WdO41" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004662Member_zsS8EzFwoD6i" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zShiy6YdR9f7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">5.66</td></tr> <tr id="xdx_417_20170101__20171231_ztkTpdm2gWH8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">16.01</td></tr> <tr id="xdx_41A_20180101__20181231_zygWssbIaRo7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.90</td></tr> <tr id="xdx_416_20190101__20191231_zH43JLG9zjB8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">19.12</td></tr> <tr id="xdx_41A_20200101__20201231_zxCULhIhaYUg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">15.55</td></tr> <tr id="xdx_419_20210101__20211231_zAxzoBlQCvv2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">10.84</td></tr> <tr id="xdx_415_20220101__20221231_zydrgsVijN0b" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-18.94</td></tr> <tr id="xdx_412_20230101__20231231_zCcN2poPwD4h" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.00</td></tr> <tr id="xdx_41C_20240101__20241231_zzlfq7OcQoVg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">9.74</td></tr> <tr id="xdx_418_20250101__20251231_zpE2e3J6oRc6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2015</td> <td style="display: none; visibility: hidden">12.26</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.66,2017:16.01,2018:-4.9,2019:19.12,2020:15.55,2021:10.84,2022:-18.94,2023:16,2024:9.74,2025:12.26)" src="jnlst485bpos214.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 15.21%; Worst Quarter (ended 3/31/2020): -14.29% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zrB6IpeoqiK8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192199Member_zTkKbkLxcpv1" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zEYgB58K5L0b" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.67</td></tr> <tr id="xdx_416_20190101__20191231_zOtXcdDBhLZ2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">19.53</td></tr> <tr id="xdx_41A_20200101__20201231_z8WMWDY40iR9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">15.89</td></tr> <tr id="xdx_419_20210101__20211231_zsj0sheiJebk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">11.17</td></tr> <tr id="xdx_415_20220101__20221231_zoNBsweZvAC3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-18.70</td></tr> <tr id="xdx_412_20230101__20231231_ziJZhyJvkCz2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.36</td></tr> <tr id="xdx_41C_20240101__20241231_zfW3fTXUiBn3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">10.05</td></tr> <tr id="xdx_418_20250101__20251231_ziuejMjI3kI5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">12.59</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.67,2019:19.53,2020:15.89,2021:11.17,2022:-18.7,2023:16.36,2024:10.05,2025:12.59)" src="jnlst485bpos215.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 15.33%; Worst Quarter (ended 3/31/2020): -14.24% 0.0566 0.1601 -0.0490 0.1912 0.1555 0.1084 -0.1894 0.1600 0.0974 0.1226 Best Quarter 2020-06-30 0.1521 Worst Quarter 2020-03-31 -0.1429 -0.0467 0.1953 0.1589 0.1117 -0.1870 0.1636 0.1005 0.1259 Best Quarter 2020-06-30 0.1533 Worst Quarter 2020-03-31 -0.1424 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_zwBdPP0K2nSj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zAoj2P3Imht9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zcxJcWzgM4xf" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zLRs19x0dQSh" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zC4owfOuv9C9" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004662Member_zZX7fpenBPx3" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan Managed Moderate Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.26</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.13</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.50</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zOJ19FvGMPra" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zNwzSoPU956d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyTwoPercentSP500IndexFortyPercentBloombergUSAggregateIndexEighteenPercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_z6W50diHH5v1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">42% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index, 18% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.01</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.55</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.65</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zpSRI3JXhtBb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zxR7Y3L6gnle" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zs1csLxMcpv1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zkK1eItuRM23" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zBsEAOrFQOJb" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_z7PtnODh5Zrf" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192199Member_zQuyVDzFFOf5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/JPMorgan Managed Moderate Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">12.59</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.44</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">7.28</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zWXEEreCssjh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zxvui0N4uj6d" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyTwoPercentSP500IndexFortyPercentBloombergUSAggregateIndexEighteenPercentMorningstarDevelopedMarketsExNorthAmericaTargetMarketExposureIndexNetMember_zbZepuDp7bDf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">42% S&P 500 Index, 40% Bloomberg U.S. Aggregate Index, 18% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.01</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.55</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.43</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zeKTw5S0TdV" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zeBa302D4yMa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zKbT58CQhWPj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1226 0.0513 0.0750 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1595 0.0595 0.0783 0.1601 0.0755 0.0865 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 0.3161 0.0900 0.0827 2017-09-25 0.1259 0.0544 0.0728 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1601 0.0755 0.0843 0.0730 -0.0036 0.0172 0.1788 0.1442 0.1482 0.3161 0.0900 0.0758 JNL/JPMorgan Managed Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek capital growth. Current income is a secondary objective. 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zU4PUSKveCE"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zDc72Va18MP5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zEwMAWuH6s7a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004663Member_zMm4IsvOedQf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zP5tPehMTvLl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.08%</td></tr> <tr id="xdx_401_eoef--DistributionAndService12b1FeesOverAssets_dpn_zE6knqWbr7bj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_403_eoef--OtherExpensesOverAssets_dpn_zPUY4gdfTPDj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_408_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zRgBh65IyxSg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> <tr id="xdx_40C_eoef--ExpensesOverAssets_dpn_zlaJ5mroIKC4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.13%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000192200Member_zvj7Jorpr4C6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zzTpWzd4tLyf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.08%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBp870cJ0AC9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_z74pq0YPJcuc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4e97RMegPSi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.69%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_znIGjh95gSZg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.83%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0008 0.0030 0.0006 0.0069 0.0113 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. 0.0008 0.0000 0.0006 0.0069 0.0083 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: <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPyVVgAuBLjg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zydmPUpwmDKj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_dn_zMobq7wYtkS9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_z3gefp0W8Rj2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zYVdRK7RnB0c" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_dn_zSmhGZzlXDjf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000004663Member_zAL7yNwz9uq7" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$115</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$359</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$622</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,375</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_dn_z0lKyyRpP5D" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_z8GwId7zy6o2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_486_eoef--ExpenseExampleYear05_dn_zmSU0GThc0y8" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_dn_zSNE74tpD4aa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000192200Member_zusrlsfohZX5" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$85</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$265</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$460</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,025</td></tr> </table> 115 359 622 1375 85 265 460 1025 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 70% to 90% of its assets to Underlying Funds that invest primarily in equity securities, 10% to 30% to Underlying Funds that invest primarily in fixed-income securities, 0%-15% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). In determining allocations to any particular Underlying Fund, the Fund’s investment adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is responsible for managing the investment of portfolio assets solely according to the asset allocation instructions provided by J.P. Morgan Investment Management, Inc. (“JPMorgan”), the Fund’s sub-adviser (“Sub-Adviser”). The Adviser determines the corresponding weights and executes transactions in the Underlying Funds. The Fund’s allocations are rebalanced periodically by the Sub-Adviser. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. The Fund does not take direct positions in derivatives, asset-backed securities, mortgage-backed securities or junk bonds. Through the implementation of the Fund’s asset allocation model, the Fund may seek exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds by purchasing shares of funds that may have direct or indirect exposure to these asset classes. Consequently, the risks to the Fund are limited to the risks associated with investing in funds that have investments in these asset classes. The principal risks to investing in the Fund, including those that may arise from indirect exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds are detailed in the “Principal Risks of Investing” and “Glossary of Risks” sections of the Fund’s prospectus. Under normal circumstances, the Fund allocates approximately 70% to 90% of its assets to Underlying Funds that invest primarily in equity securities, 10% to 30% to Underlying Funds that invest primarily in fixed-income securities, 0%-15% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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. 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. 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). 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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. 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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 additional indices 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. Performance prior to on or about July 1, 2019 reflects the Fund's results when managed by the former sub-adviser, Standard & Poor's Investment Advisory Services LLC. Performance prior to October 21, 2024 reflects the Fund's results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zd95583XoPMa"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zCksEdKK7R6c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004663Member_zu5byBbCrrY8" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zJJLXYSw8VGl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">5.91</td></tr> <tr id="xdx_417_20170101__20171231_z2kwyoYuH2W1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">21.05</td></tr> <tr id="xdx_41A_20180101__20181231_zUhaH5aeZ7sk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-5.94</td></tr> <tr id="xdx_416_20190101__20191231_zqIupuQrrMyl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">24.41</td></tr> <tr id="xdx_41A_20200101__20201231_zPPXBSjPiSPi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">18.71</td></tr> <tr id="xdx_419_20210101__20211231_zv0JWNlviSEd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.47</td></tr> <tr id="xdx_415_20220101__20221231_zlDWNiEyEOA3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-21.14</td></tr> <tr id="xdx_412_20230101__20231231_zjkIjsV5QIMk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">20.04</td></tr> <tr id="xdx_41C_20240101__20241231_zn8YXMgRIvVk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.36</td></tr> <tr id="xdx_418_20250101__20251231_zdEUP78BdRmg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">13.92</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.91,2017:21.05,2018:-5.94,2019:24.41,2020:18.71,2021:14.47,2022:-21.14,2023:20.04,2024:12.36,2025:13.92)" src="jnlst485bpos216.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.79%; Worst Quarter (ended 3/31/2020): -17.54% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zTXtW3FtmyU8" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_489_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192200Member_zzQhuB3FVBbe" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_419_20180101__20181231_zynQJcilyWK8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-5.62</td></tr> <tr id="xdx_417_20190101__20191231_zLUuPbZ5JZ0h" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">24.76</td></tr> <tr id="xdx_418_20200101__20201231_zHBEYKStLVn8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">19.04</td></tr> <tr id="xdx_418_20210101__20211231_zdMSpzWOZXLg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">14.82</td></tr> <tr id="xdx_411_20220101__20221231_zDqd6RiuttZe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-20.91</td></tr> <tr id="xdx_419_20230101__20231231_zkv6z6CyUX8f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">20.44</td></tr> <tr id="xdx_411_20240101__20241231_zGZNH4G2eSlk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.69</td></tr> <tr id="xdx_411_20250101__20251231_zamoi57YjHOh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.26</td></tr> </table> <img alt="PerformanceBarChartData(2018:-5.62,2019:24.76,2020:19.04,2021:14.82,2022:-20.91,2023:20.44,2024:12.69,2025:14.26)" src="jnlst485bpos217.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.87%; Worst Quarter (ended 3/31/2020): -17.46% 0.0591 0.2105 -0.0594 0.2441 0.1871 0.1447 -0.2114 0.2004 0.1236 0.1392 Best Quarter 2020-06-30 0.1879 Worst Quarter 2020-03-31 -0.1754 -0.0562 0.2476 0.1904 0.1482 -0.2091 0.2044 0.1269 0.1426 Best Quarter 2020-06-30 0.1887 Worst Quarter 2020-03-31 -0.1746 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zKVlOTUkm8e6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_z6kBRfQfWF9j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zL9PTWr8bRil" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zhqRzyEtuu8" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zG5owDsAKYji" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004663Member_z2mgK5TWwc5a" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan Managed Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">13.92</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.76</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zQ6EDwYwBIx4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zSdPa0ChpZQ6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftySixPercentSP500IndexTwentyPercentBloombergUSAggregateIndexTwentyFourPercentMorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_znHpZRy0Rb5i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.98</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zs0fYxkubSSk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zMSOZrC31gq6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zAUwuIwk4a14" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zPIpkB68lZK7" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_z5cBdOidzaN6" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zjCBdpPXFu2" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192200Member_zl6eqx0E5opa" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/JPMorgan Managed Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">14.26</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.09</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">9.26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z4PL9xtW02xg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_z7hn9DMjUcec" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FiftySixPercentSP500IndexTwentyPercentBloombergUSAggregateIndexTwentyFourPercentMorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zwGcX9McK2h3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">56% S&P 500 Index, 20% Bloomberg U.S. Aggregate Index, 24% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.98</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zvbOhIR5xuce" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zl5JdWqK9394" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zHecLXPSe3I" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1392 0.0676 0.0947 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1845 0.0794 0.0959 0.1898 0.1021 0.1079 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 0.3161 0.0900 0.0827 2017-09-25 0.1426 0.0709 0.0926 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1898 0.1021 0.1058 0.0730 -0.0036 0.0172 0.1788 0.1442 0.1482 0.3161 0.0900 0.0758 JNL/JPMorgan Managed Aggressive Growth Fund Class A Class I Investment Objective. The investment objective of the Fund is 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. <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zVb7Fv81SfY1"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zsb5KXDmOf55"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zkpMh1s93vVi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000004664Member_zTELPasbSnZ9" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zfyZ695xAQ2f" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zDkeSwGRGSd1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zqsGKIYt4Qw7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zEH4c9rNZCm8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.70%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zVOzHd1YUXsg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.15%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_498_20260423__20260423__oef--ClassAxis__custom--C000192201Member_zDTAJX7LXiH1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zXdqR82pF2pd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40B_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbFl8Li0YQhl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zJpg79pLs9ai" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_403_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zAvQkWrHKvS6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.70%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zSapQxWmsdTb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.85%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0009 0.0030 0.0006 0.0070 0.0115 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. 0.0009 0.0000 0.0006 0.0070 0.0085 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zJkIEBAisGnh"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_z4hDTCnErHm4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Aggressive Growth Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zWSe0sEiJ7Ua" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_dn_zed1UtldPole" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_zCkcoROdwF8e" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_dn_zdfMaPBpuiih" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000004664Member_zetpE113p6Kb" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$117</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$365</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$633</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,398</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL/JPMorgan Managed Aggressive Growth Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_dn_zzCOB4IzRPg3" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_480_eoef--ExpenseExampleYear03_dn_zLqc7SsAqH3a" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_dn_ztexfkRedIk1" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_dn_zKsfjqVoZOdi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000192201Member_zrlEKLrBcUh9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$87</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$271</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$471</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,049</td></tr> </table> 117 365 633 1398 87 271 471 1049 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">9</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.09 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates up to 80% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 20% to Underlying Funds that invest primarily in fixed-income securities, 0% to 10% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). In determining allocations to any particular Underlying Fund, the Fund’s investment adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Jackson National Asset Management, LLC (“JNAM” or “Adviser”) is responsible for managing the investment of portfolio assets solely according to the asset allocation instructions provided by J.P. Morgan Investment Management, Inc. (“JPMorgan”), the Fund’s sub-adviser (“Sub-Adviser”). The Adviser then determines the corresponding weights and executes transactions in the Underlying Funds. The Fund’s allocations are rebalanced periodically by the Sub-Adviser. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. The Fund does not take direct positions in derivatives, asset-backed securities, mortgage-backed securities or junk bonds. Through the implementation of the Fund’s asset allocation model, the Fund may seek exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds by purchasing shares of funds that may have direct or indirect exposure to these asset classes. Consequently, the risks to the Fund are limited to the risks associated with investing in funds that have investments in these asset classes. The principal risks to investing in the Fund, including those that may arise from indirect exposure to derivatives, asset-backed securities, mortgage-backed securities or junk bonds are detailed in the “Principal Risks of Investing” and “Glossary of Risks” sections of the Fund’s prospectus. Under normal circumstances, the Fund allocates up to 80% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 20% to Underlying Funds that invest primarily in fixed-income securities, 0% to 10% to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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. 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. 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). 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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. 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. 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. An Underlying 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. 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. 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. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. TIPS and inflation-linked bonds risk – The value of inflation-protected securities generally fluctuates in response to changes in real interest rates, which are tied to the relationship between nominal interest rates and the rate of inflation. As a result, if inflation rates were to rise at a faster rate than nominal rates, real interest rates might decline, leading to an increase in the value of inflation-protected securities. In contrast, if nominal interest rates increased at a faster rate than inflation, real interest rates might rise, leading to a decrease in the value of inflation-protected securities. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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 additional indices 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. Performance prior to on or about July 1, 2019 reflects the Fund's results when managed by the former sub-adviser, Standard & Poor's Investment Advisory Services LLC. Performance prior to October 21, 2024 reflects the Fund's results when managed by the former sub-adviser, Goldman Sachs Asset Management, L.P. 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. Consistent with the Fund’s principal investment strategies, the Fund uses the 63% S&P 500 Index, 27% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A85_eoef--BarChartTableTextBlock_zU2OtPYA7tye"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zNlZ0Mj5txVh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000004664Member_zNJ7p0J68nS4" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_z6optni0Fntb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">6.00</td></tr> <tr id="xdx_417_20170101__20171231_zeIm0ftuxlXe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">23.25</td></tr> <tr id="xdx_41A_20180101__20181231_z72fYQP3zVgc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.71</td></tr> <tr id="xdx_416_20190101__20191231_zYGQiUZoiHkc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">26.79</td></tr> <tr id="xdx_41A_20200101__20201231_zQj1raSi557f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">20.10</td></tr> <tr id="xdx_419_20210101__20211231_zGsq7DaazJnj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">16.32</td></tr> <tr id="xdx_415_20220101__20221231_zC7skb6Fuxsd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-22.15</td></tr> <tr id="xdx_412_20230101__20231231_zJlzxyClZK8j" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">22.19</td></tr> <tr id="xdx_41C_20240101__20241231_zWeGV4zMvMA" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">13.64</td></tr> <tr id="xdx_418_20250101__20251231_zOYk2DCEFbGa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2015</td> <td style="display: none; visibility: hidden">14.72</td></tr> </table> <img alt="PerformanceBarChartData(2016:6,2017:23.25,2018:-6.71,2019:26.79,2020:20.1,2021:16.32,2022:-22.15,2023:22.19,2024:13.64,2025:14.72)" src="jnlst485bpos218.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.43%; Worst Quarter (ended 3/31/2020): -19.34% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zTA0czkHV4ia" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192201Member_z0i8hDb6Kdm7" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zShkO4rXhUc3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.43</td></tr> <tr id="xdx_416_20190101__20191231_zRAQXl58zjC" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">27.16</td></tr> <tr id="xdx_41A_20200101__20201231_z4Fp3i5r620f" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">20.45</td></tr> <tr id="xdx_419_20210101__20211231_zOFnrV3gj3w7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">16.70</td></tr> <tr id="xdx_415_20220101__20221231_zuiZprJDtcM1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-21.95</td></tr> <tr id="xdx_412_20230101__20231231_zKi8jtKES5jl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">22.57</td></tr> <tr id="xdx_41C_20240101__20241231_zQJbXC7O9mw9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">14.00</td></tr> <tr id="xdx_418_20250101__20251231_ziYqCpqJ4fYa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.07</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.43,2019:27.16,2020:20.45,2021:16.7,2022:-21.95,2023:22.57,2024:14,2025:15.07)" src="jnlst485bpos219.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 20.46%; Worst Quarter (ended 3/31/2020): -19.24% 0.0600 0.2325 -0.0671 0.2679 0.2010 0.1632 -0.2215 0.2219 0.1364 0.1472 Best Quarter 2020-06-30 0.2043 Worst Quarter 2020-03-31 -0.1934 -0.0643 0.2716 0.2045 0.1670 -0.2195 0.2257 0.1400 0.1507 Best Quarter 2020-06-30 0.2046 Worst Quarter 2020-03-31 -0.1924 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zvtvxdmtxkUk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zMvPoXNtuaHg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zOaH4iO238j5" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zOHW8QnvPOQb" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zmwk4kXzXcOc" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000004664Member_zFT7r0zvNMre" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL/JPMorgan Managed Aggressive Growth Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.72</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.60</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.35</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zipa64qKjVP1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarAggressiveTargetRiskIndexMember_zqon37qf3RS6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.89</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyThreePercentSP500IndexTwentySevenPercentMorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetTenPercentBloombergUSAggregateIndexMember_zPpLx0P4XFmg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">63% S&P 500 Index, 27% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.48</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zkqULePqQP5a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zACznJrDQLd3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_z2YcEbwuGf5a" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_z6buzbakry59" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_ztijCoutzubd" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zEGhK0RLsSGd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192201Member_z9MUPsKTp4l1" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL/JPMorgan Managed Aggressive Growth Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">15.07</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.93</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">10.14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z83olDfbiS08" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarAggressiveTargetRiskIndexMember_zFBBod88dy9e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.99</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyThreePercentSP500IndexTwentySevenPercentMorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetTenPercentBloombergUSAggregateIndexMember_zq8uOrXMKMci" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">63% S&P 500 Index, 27% Morningstar Developed Markets ex-North America Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.48</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.54</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zevBKyk2M1dg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zbwCbyHimJv3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P 500 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.42</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">14.82</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zeFEH1D8GCXb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.00</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1472 0.0760 0.1035 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.2043 0.0959 0.1089 0.2048 0.1154 0.1185 0.0730 -0.0036 0.0201 0.1788 0.1442 0.1482 0.3161 0.0900 0.0827 2017-09-25 0.1507 0.0793 0.1014 0.2223 0.1120 0.1115 0.2043 0.0959 0.0999 0.2048 0.1154 0.1164 0.0730 -0.0036 0.0172 0.1788 0.1442 0.1482 0.3161 0.0900 0.0758 JNL Conservative Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek the generation of income through investment in other funds (the “Underlying Funds”). 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. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_z7CaAG3VjbJj"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zquFcf7z0Ghl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zTlTcdpx8jUg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49B_20260423__20260423__oef--ClassAxis__custom--C000218198Member_zRhlAUVvkyxf" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zdZOlXbSELo" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zofREcAsjwk4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zz6tExwVY3Eb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4JWxiSv9zR1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zrGKSCEszBv4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.23%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or "Adviser").</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000218199Member_zfbLHKnsqWhj" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40C_eoef--ManagementFeesOverAssets_dpn_zmP7WJ6EqFb5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zoIx7lFMpkel" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zBdkR43QIlUk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_402_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zwLRJvGC3aI6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_404_eoef--ExpensesOverAssets_dpn_zm73xqJsyKA" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.93%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0012 0.0030 0.0006 0.0075 0.0123 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. 0.0012 0.0000 0.0006 0.0075 0.0093 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkCPErNSQdjc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zGoGOjKws7Di" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Conservative Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zu00WonUWSs5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_zFOMF4gIGeif" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_dn_zh5vYclc12di" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zlsJr40NS3D1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_413_20260423__20260423__oef--ClassAxis__custom--C000218198Member_zduZXn0FgmH8" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$125</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$390</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$676</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,489</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Conservative Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_dn_zLVmjamlvTM1" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_dn_zVwMbsWOU5l9" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_dn_zANNUwkeHHY7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_dn_zw8h4evQK2G6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000218199Member_z57gnFhlaoxa" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$95</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$296</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$515</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,143</td></tr> </table> 125 390 676 1489 95 296 515 1143 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">27</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.27 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. The Fund allocates its assets to Underlying Funds that invest primarily in fixed-income and other income-oriented securities (including high-yield (“junk”) bonds) of issuers in the U.S. and foreign countries, including emerging markets. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. Under normal circumstances, the Fund allocates approximately 0% to 40% of its assets to Underlying Funds that invest primarily in equity securities, 60% to 100% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. Those types of securities or other assets include, but are not limited to: equity securities (such as common stock, preferred stock, and convertible securities), equity futures, equity swaps, currency forwards, currency futures, commodity futures and swaps, bond futures, fixed income swaps, interest rate swaps, and inflation swaps; U.S. and foreign government bonds, including inflation protected bonds (such as Treasury Inflation Protected Securities); bank loans; cash and cash equivalents, including but not limited to money market fund shares. These holdings can include investment exposure to both developed and emerging markets, and may be illiquid or thinly traded. Securities held by the Underlying Funds may be denominated in U.S. and/or non-U.S. currencies. An Underlying Fund may be leveraged and therefore could be subject to a heightened risk of loss. The leverage involved in certain derivative transactions may result in an Underlying Fund’s net asset value being more sensitive to changes in the value of the related investment. Some of the Underlying Funds, particularly those classified as fixed-income strategies, may hold a significant amount of asset-backed securities, mortgage-backed securities, derivatives, and/or junk bonds in order to execute their investment strategies. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. Under normal circumstances, the Fund allocates approximately 0% to 40% of its assets to Underlying Funds that invest primarily in equity securities, 60% to 100% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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 and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. 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. 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 additional indices 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. The performance data includes the performance of the Fund, then a series of the Jackson Variable Series Trust for periods before the Fund’s registration statement became effective. Effective April 27, 2020, the Fund was combined with JNL/Nicholas Convertible Arbitrage Fund (the “Acquired Fund”), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. Consistent with the Fund’s principal investment strategies, the Fund uses the 20% Morningstar® Global Target Market Exposure Index (Net), 80% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8C_eoef--BarChartTableTextBlock_zsEG2jZ4J9zb"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zaBCvWLQQeu1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_480_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218198Member_zoO6ykThDUtg" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_z1VHPBUaHdr3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">4.47</td></tr> <tr id="xdx_417_20170101__20171231_za06vYvK6LJh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">7.92</td></tr> <tr id="xdx_41A_20180101__20181231_zyFWWlFhWUDl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-3.12</td></tr> <tr id="xdx_416_20190101__20191231_zxOOwXtCyUQ6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">12.46</td></tr> <tr id="xdx_41A_20200101__20201231_ztZMs2cbwKOf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">7.51</td></tr> <tr id="xdx_419_20210101__20211231_zrodnmmIXqki" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">3.75</td></tr> <tr id="xdx_415_20220101__20221231_zy8WIPYpf3af" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.19</td></tr> <tr id="xdx_412_20230101__20231231_zgM1z42u2tS6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">9.28</td></tr> <tr id="xdx_41C_20240101__20241231_zOgrbt9hEFDa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">5.56</td></tr> <tr id="xdx_418_20250101__20251231_zVTdyxvxjZk5" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">9.29</td></tr> </table> <img alt="PerformanceBarChartData(2016:4.47,2017:7.92,2018:-3.12,2019:12.46,2020:7.51,2021:3.75,2022:-13.19,2023:9.28,2024:5.56,2025:9.29)" src="jnlst485bpos220.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.27%; Worst Quarter (ended 3/31/2020): -8.21% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zm3bsn6E4TN7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218199Member_zNRqhxJ9ZF4l" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zeHKh2NojaMj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-2.87</td></tr> <tr id="xdx_416_20190101__20191231_zlNgAfcgF7ac" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">12.76</td></tr> <tr id="xdx_41A_20200101__20201231_zpsguk4sOPPd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">7.85</td></tr> <tr id="xdx_419_20210101__20211231_z5MmZlfh3eac" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">4.07</td></tr> <tr id="xdx_415_20220101__20221231_zbTggHzu8xxd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-12.89</td></tr> <tr id="xdx_412_20230101__20231231_zQekTbR5Nws9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">9.61</td></tr> <tr id="xdx_41C_20240101__20241231_z2TBHDPEODS2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">5.89</td></tr> <tr id="xdx_418_20250101__20251231_zF6ZE80GoXf9" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">9.57</td></tr> </table> <img alt="PerformanceBarChartData(2018:-2.87,2019:12.76,2020:7.85,2021:4.07,2022:-12.89,2023:9.61,2024:5.89,2025:9.57)" src="jnlst485bpos221.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 8.29%; Worst Quarter (ended 3/31/2020): -8.08% 0.0447 0.0792 -0.0312 0.1246 0.0751 0.0375 -0.1319 0.0928 0.0556 0.0929 Best Quarter 2020-06-30 0.0827 Worst Quarter 2020-03-31 -0.0821 -0.0287 0.1276 0.0785 0.0407 -0.1289 0.0961 0.0589 0.0957 Best Quarter 2020-06-30 0.0829 Worst Quarter 2020-03-31 -0.0808 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zfk6ZL0fcpbf"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zuRdKZhqVZRa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zrnOj7MiziF9" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zgVNg0eZHA4e" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zgXmTVlxRt41" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218198Member_zBhzVp9tqwY" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Conservative Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.29</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.57</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">4.13</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z0AoqwJkleFe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarConservativeTargetRiskIndexMember_za2ZJiybUDc5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.40</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.98</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--TwentyPercentMorningstarGlobalTargetMarketExposureIndexNetEightyPercentBloombergUSAggregateIndexMember_zDOoOzlZEgmh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">20% Morningstar Global Target Market Exposure Index (Net), 80% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.02</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_z07otK9y6Adk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_ztQUT617Mk07" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_z2Wstpvn3HOa" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zBGGSi4zD5m1" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218199Member_zQK1lLomCeo5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Conservative Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">9.57</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">2.88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">3.99</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z2LUCBuver0e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarConservativeTargetRiskIndexMember_zpHOlsSGfDlg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.40</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.81</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.58</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--TwentyPercentMorningstarGlobalTargetMarketExposureIndexNetEightyPercentBloombergUSAggregateIndexMember_zoPDA10CrRri" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">20% Morningstar Global Target Market Exposure Index (Net), 80% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">10.22</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zoTcL9TVh342" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.0929 0.0257 0.0413 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.1040 0.0181 0.0398 0.1022 0.0194 0.0402 0.2223 0.1120 0.1170 2017-09-25 0.0957 0.0288 0.0399 0.0730 -0.0036 0.0172 0.1040 0.0181 0.0358 0.1022 0.0194 0.0370 0.2223 0.1120 0.1115 JNL Moderate Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek a balance between the generation of income and the long-term growth of capital through investment in other funds (the “Underlying Funds”). 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. <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zAdfmPT2eBB2"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zPRObojAWf1l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_zglMRJDHfI5f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49D_20260423__20260423__oef--ClassAxis__custom--C000218212Member_zNUwkAtRGmee" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_znOSoMAWZlrf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zFIEvhfbk3l7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zgGm8BwSxfS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zm0LSILK83u3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.77%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zMsKQb5jH7wk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.22%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49F_20260423__20260423__oef--ClassAxis__custom--C000218213Member_zX6bp5ZLA2nc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_404_eoef--ManagementFeesOverAssets_dpn_z349xMa7D6J7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTNVbwaK2YSb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zRKcPsGzYlHa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_40C_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zuE2amr6hR42" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.77%</td></tr> <tr id="xdx_406_eoef--ExpensesOverAssets_dpn_zbCqEVTCYCul" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.92%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0009 0.0030 0.0006 0.0077 0.0122 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. 0.0009 0.0000 0.0006 0.0077 0.0092 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: <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_zKWjIf6I0hal"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zLCG15BRhLYh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_dn_zsKjKX1CzYRi" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_dn_zFNH04bV0qr2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zCbuL4JB2408" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zg8XONb4evuh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_417_20260423__20260423__oef--ClassAxis__custom--C000218212Member_zjH4prP69KDk" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$124</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$387</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$670</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,477</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_488_eoef--ExpenseExampleYear01_dn_zigYn33KB1Q5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_dn_zc6rj3mPPK7g" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zFYV0UwYpIh2" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zcjQApMBfCn7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_418_20260423__20260423__oef--ClassAxis__custom--C000218213Member_z30QeemMxUIi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$94</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$293</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$509</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,131</td></tr> </table> 124 387 670 1477 94 293 509 1131 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">21</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.21 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. The Fund allocates its assets to Underlying Funds that invest primarily in fixed-income and other income-oriented securities (including high-yield (“junk”) bonds) as well as dividend-paying equity securities of issuers in the U.S. and foreign countries, including emerging markets. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. Under normal circumstances, the Fund allocates approximately 20% to 60% of its assets to Underlying Funds that invest primarily in equity securities, 40% to 80% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Each Underlying Fund has its own investment objective and invests in certain types of securities or other assets in order to implement its investment strategy and seek to achieve its investment objective. Those types of securities or other assets include, but are not limited to: equity securities (such as common stock, preferred stock, and convertible securities), equity futures, equity swaps, currency forwards, currency futures, commodity futures and swaps, bond futures, fixed income swaps, interest rate swaps, and inflation swaps; U.S. and foreign government bonds, including inflation protected bonds (such as Treasury Inflation Protected Securities); bank loans; cash and cash equivalents, including but not limited to money market fund shares. These holdings can include investment exposure to both developed and emerging markets, and may be illiquid or thinly traded. Securities held by the Underlying Funds may be denominated in U.S. and/or non-U.S. currencies. An Underlying Fund may be leveraged and therefore could be subject to a heightened risk of loss. The leverage involved in certain derivative transactions may result in an Underlying Fund’s net asset value being more sensitive to changes in the value of the related investment. Some of the Underlying Funds, particularly those classified as fixed-income strategies, may hold a significant amount of asset-backed securities, mortgage-backed securities, derivatives, and/or junk bonds in order to execute their investment strategies. In determining allocations to any particular Underlying Fund, the Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. Under normal circumstances, the Fund allocates approximately 20% to 60% of its assets to Underlying Funds that invest primarily in equity securities, 40% to 80% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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 and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. 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. 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 additional indices 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. The performance data includes the performance of the Fund, then a series of the Jackson Variable Series Trust for periods before the Fund’s registration statement became effective. Effective April 27, 2020, the Fund was combined with JNL Institutional Alt 50 Fund (the "Acquired Fund"), a series of JNL Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the Acquired Fund. Consistent with the Fund’s principal investment strategies, the Fund uses the 40% Morningstar® Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zfHgwFZWuYk9"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zVKRrdP1iSt5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48A_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218212Member_zxelJIroPeCf" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zSmPGBkCD6F6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">5.21</td></tr> <tr id="xdx_417_20170101__20171231_zKtWD4IRY6S4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">10.50</td></tr> <tr id="xdx_41A_20180101__20181231_zxHhDel2atul" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.94</td></tr> <tr id="xdx_416_20190101__20191231_zdMOHSz452pa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">15.67</td></tr> <tr id="xdx_41A_20200101__20201231_zqgCFpkvDeyb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">11.20</td></tr> <tr id="xdx_419_20210101__20211231_z8QA7xsp9Fe8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">7.40</td></tr> <tr id="xdx_415_20220101__20221231_zPlICp9rk4Hh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-14.70</td></tr> <tr id="xdx_412_20230101__20231231_zivbwiD5kEVa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">11.94</td></tr> <tr id="xdx_41C_20240101__20241231_z45nCwGFD6g4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.64</td></tr> <tr id="xdx_418_20250101__20251231_zeRzNWC1JGbg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">10.75</td></tr> </table> <img alt="PerformanceBarChartData(2016:5.21,2017:10.5,2018:-4.94,2019:15.67,2020:11.2,2021:7.4,2022:-14.7,2023:11.94,2024:7.64,2025:10.75)" src="jnlst485bpos222.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.63%; Worst Quarter (ended 3/31/2020): -11.47% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zXuqAx6OEHqf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_488_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000218213Member_zCcDo8T1qbta" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zdMXbgtMSKIh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-4.71</td></tr> <tr id="xdx_416_20190101__20191231_zrTMssBvYBj6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">16.02</td></tr> <tr id="xdx_41A_20200101__20201231_zxgx6YN1ywm8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">11.61</td></tr> <tr id="xdx_419_20210101__20211231_zQXtLI11xfjk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">7.75</td></tr> <tr id="xdx_415_20220101__20221231_zkWsVf2H9713" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-14.45</td></tr> <tr id="xdx_412_20230101__20231231_zMKwnWe5TQs4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">12.28</td></tr> <tr id="xdx_41C_20240101__20241231_zV5vFq0ctir6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">7.97</td></tr> <tr id="xdx_418_20250101__20251231_zY2gWFnRLnL1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">11.07</td></tr> </table> <img alt="PerformanceBarChartData(2018:-4.71,2019:16.02,2020:11.61,2021:7.75,2022:-14.45,2023:12.28,2024:7.97,2025:11.07)" src="jnlst485bpos223.jpg" style="height: 231px; width: 449px"/> Best Quarter (ended 6/30/2020): 11.78%; Worst Quarter (ended 3/31/2020): -11.40% 0.0521 0.1050 -0.0494 0.1567 0.1120 0.0740 -0.1470 0.1194 0.0764 0.1075 Best Quarter 2020-06-30 0.1163 Worst Quarter 2020-03-31 -0.1147 -0.0471 0.1602 0.1161 0.0775 -0.1445 0.1228 0.0797 0.1107 Best Quarter 2020-06-30 0.1178 Worst Quarter 2020-03-31 -0.1140 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zZexzn89AEFj"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zSZEFDQI7Ys" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zezYNtCnTLef" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zKZf4o2jTS1j" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zWrIbKjURRAa" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218212Member_zX0mLPrLOZsi" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Moderate Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">10.75</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.10</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">5.68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z2kEHK48mbL9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_z5RsQw83ZFq6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.10</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_zUsj4WPruac1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zsvDmMu5az8k" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zkOc4e5TKK3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zD14Vw6GWPF6" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zjW9eWMXeTZ4" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000218213Member_zSJc74zdC8mh" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Moderate Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">11.07</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">4.42</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">5.57</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zPHO00Aourfj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyConservativeTargetRiskIndexMember_zu6oc1igGDq5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Conservative Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">12.87</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.06</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.60</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--FortyPercentMorningstarGlobalTargetMarketExposureIndexNetSixtyPercentBloombergUSAggregateIndexMember_z8Bzb54WXKpe" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">40% Morningstar Global Target Market Exposure Index (Net), 60% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">13.17</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">4.26</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.64</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zXrNJG2uSeSl" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1075 0.0410 0.0568 (reflects no deduction for fees, expenses, or taxes) 0.0730 -0.0036 0.0201 0.1287 0.0406 0.0610 0.1317 0.0426 0.0601 0.2223 0.1120 0.1170 2017-09-25 0.1107 0.0442 0.0557 0.0730 -0.0036 0.0172 0.1287 0.0406 0.0560 0.1317 0.0426 0.0564 0.2223 0.1120 0.1115 JNL Moderate Growth Allocation Fund Class A Class I Investment Objectives. The investment objective of the Fund is to seek capital growth. Current income is a secondary objective. 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zwhkCizvQdvd"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zswxvF613h5g"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z1Eq58C1w2Wj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_497_20260423__20260423__oef--ClassAxis__custom--C000039495Member_zlZ06BMrRk8g" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zVZqwpdLT0Fa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_z8B7RODCARw6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zVvCFT8AJU3g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z1Z37r6GDiI8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.77%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_z45gYJFbAt9h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.21%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000192203Member_zAhnfeeIgI09" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_403_eoef--ManagementFeesOverAssets_dpn_zWzLgxFCQ5Y4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_404_eoef--DistributionAndService12b1FeesOverAssets_dpn_zmkupIKVmzzi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zdcGIdltdPc6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_409_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zuqTEzDiOnm9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.77%</td></tr> <tr id="xdx_401_eoef--ExpensesOverAssets_dpn_zscZFF8jlyIc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.91%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0009 0.0030 0.0005 0.0077 0.0121 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. 0.0009 0.0000 0.0005 0.0077 0.0091 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: <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zCxSdqdwbQi6"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zx4bF5DSKInj" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Growth Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_z7Uxkw5VGY2k" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_z8ZfCfrYL1Xk" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_dn_zq9GlegeaY1h" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zj346tfrdQfb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41D_20260423__20260423__oef--ClassAxis__custom--C000039495Member_zZ128N5EQ6pi" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$123</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$384</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$665</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,466</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Moderate Growth Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_zfTV3mGPjFLj" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_dn_zjPt6luPTNde" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_dn_zHml2ahSThee" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_dn_zQ8H9fsqUU57" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000192203Member_z2IFt60vl7V2" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$93</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$290</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$504</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,120</td></tr> </table> 123 384 665 1466 93 290 504 1120 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">22</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.22 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 40% to 80% of its assets to Underlying Funds that invest primarily in equity securities, 20% to 60% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of asset-backed securities, mortgage-backed securities, derivatives, and/or junk bonds in order to execute their investment strategy. In determining allocations to any particular Underlying Fund, the Fund’s Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. Under normal circumstances, the Fund allocates approximately 40% to 80% of its assets to Underlying Funds that invest primarily in equity securities, 20% to 60% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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 and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. 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 additional indices 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. Effective September 25, 2017, the Fund was combined with the JNAM Guidance – Moderate Growth Fund, a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the JNAM Guidance – Moderate Growth Fund. The performance data includes the performance of the Fund, then a series of the Jackson Variable Series Trust for periods before the Fund’s registration statement became effective. Effective April 27, 2020, the Fund was combined with JNL Institutional Alt 25 Fund, a series of JNL Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund's historic performance and does not reflect the performance of the JNL Institutional Alt 25 Fund. Effective April 26, 2021, the Fund was combined with the JNL/AQR Managed Futures Strategy Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. Consistent with the Fund’s principal investment strategies, the Fund uses the 60% Morningstar® Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_zo96n4jps1t"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zeeX1tAP9X27" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000039495Member_zPunx1BcgA5c" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zQCG19YkvOTk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">7.26</td></tr> <tr id="xdx_417_20170101__20171231_z7Sn8u48he34" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">14.54</td></tr> <tr id="xdx_41A_20180101__20181231_zKyBW0ry79y8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.64</td></tr> <tr id="xdx_416_20190101__20191231_zDKxvCb4xRC3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">19.53</td></tr> <tr id="xdx_41A_20200101__20201231_zqqG2P8g6mte" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">12.75</td></tr> <tr id="xdx_419_20210101__20211231_zKjIU0BHg6Ua" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">10.26</td></tr> <tr id="xdx_415_20220101__20221231_zzDJh2amh8h" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-15.77</td></tr> <tr id="xdx_412_20230101__20231231_zpQT7x1tXPpf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">13.73</td></tr> <tr id="xdx_41C_20240101__20241231_zhYE4DhVBEJb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">9.17</td></tr> <tr id="xdx_418_20250101__20251231_z9a1jB4n1IRg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">12.62</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.26,2017:14.54,2018:-6.64,2019:19.53,2020:12.75,2021:10.26,2022:-15.77,2023:13.73,2024:9.17,2025:12.62)" src="jnlst485bpos224.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.77%; Worst Quarter (ended 3/31/2020): -15.95% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zjsYDK9K6vFe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192203Member_zZ3zDPXi2WE" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zlQaeTKWgYW2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-6.34</td></tr> <tr id="xdx_416_20190101__20191231_zRo1ILHSkHM8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">19.84</td></tr> <tr id="xdx_41A_20200101__20201231_zH3j6aVg8GR4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">13.18</td></tr> <tr id="xdx_419_20210101__20211231_zO5CP1vgHyR1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">10.56</td></tr> <tr id="xdx_415_20220101__20221231_zqhlllV0x6u7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-15.52</td></tr> <tr id="xdx_412_20230101__20231231_zFhRgFBHExBc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">14.07</td></tr> <tr id="xdx_41C_20240101__20241231_z7dKyox5duMf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">9.48</td></tr> <tr id="xdx_418_20250101__20251231_z1TtGPmdESDb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">12.99</td></tr> </table> <img alt="PerformanceBarChartData(2018:-6.34,2019:19.84,2020:13.18,2021:10.56,2022:-15.52,2023:14.07,2024:9.48,2025:12.99)" src="jnlst485bpos225.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 14.89%; Worst Quarter (ended 3/31/2020): -15.84% 0.0726 0.1454 -0.0664 0.1953 0.1275 0.1026 -0.1577 0.1373 0.0917 0.1262 Best Quarter 2020-06-30 0.1477 Worst Quarter 2020-03-31 -0.1595 -0.0634 0.1984 0.1318 0.1056 -0.1552 0.1407 0.0948 0.1299 Best Quarter 2020-06-30 0.1489 Worst Quarter 2020-03-31 -0.1584 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zHdPVHTcPAM"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z1RjFkvbezOg" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zcEULj3pM883" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zbBzECPonQo3" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_z62m8SSrBXBh" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000039495Member_zUlHGEgHkbBd" style="vertical-align: bottom"> <td style="border: black 1pt solid">JNL Moderate Growth Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">12.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.36</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">7.22</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zMnrufPJvh97" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zAocl7Tw76tj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.83</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergUSAggregateIndexMember_z2oSmnecTK7h" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.95</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zCc8nxLQdUz5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zIhP8IhU2Rpg" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_z8SrcI2dS7dc" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zTdSsWMP1wF9" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192203Member_zmOseKRCs8fl" style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 70%">JNL Moderate Growth Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">12.99</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.68</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">6.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zFsNKlZ42qlb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModerateTargetRiskIndexMember_zw6wkhXMso8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Moderate Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">15.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.95</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.18</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SixtyPercentMorningstarGlobalTargetMarketExposureIndexNetFortyPercentBloombergUSAggregateIndexMember_zhufWtbFOpo5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">60% Morningstar Global Target Market Exposure Index (Net), 40% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">16.16</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.57</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.53</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zew5jQxP20Fc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1262 0.0536 0.0722 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1595 0.0595 0.0783 0.1616 0.0657 0.0795 0.0730 -0.0036 0.0201 2017-09-25 0.1299 0.0568 0.0685 0.2223 0.1120 0.1115 0.1595 0.0595 0.0718 0.1616 0.0657 0.0753 0.0730 -0.0036 0.0172 JNL Growth Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is to seek capital growth and 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. <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zSOOpFUXqloc"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_z2EXCc5LOG6h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zjqtFBU8zMVk" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_493_20260423__20260423__oef--ClassAxis__custom--C000039496Member_znY7mHA42aP6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zR6t5uAgCxD3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_ztvr6uK1wC8i" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_zhU5fkiSGB15" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zkQ9kXuaoDY9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zWPqed7yQGn6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.19%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_491_20260423__20260423__oef--ClassAxis__custom--C000192204Member_zBRSyRujj5t6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40F_eoef--ManagementFeesOverAssets_dpn_zjECeb8qpdh3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zI2Ea9qotq94" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_ztEPaWZgLGgh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zazCJ5RnlHi9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.75%</td></tr> <tr id="xdx_40E_eoef--ExpensesOverAssets_dpn_zMcQbNJIJr31" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.89%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0009 0.0030 0.0005 0.0075 0.0119 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. 0.0009 0.0000 0.0005 0.0075 0.0089 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPSvPAllgzm8"></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zuS4lSkXQutb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Growth Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_dn_z5ZEdluIOBc4" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_dn_z0xNLEvliGDb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_dn_z4HYBgaqdGHj" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_dn_zIlFZctzSw8d" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000039496Member_zVZ3e2J4YQ5h" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$121</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$378</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$654</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,443</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Growth Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_dn_z6ryxXOX9tg5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_dn_ztKx4VxIyEDh" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_dn_zDEC07p2Zb4d" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_485_eoef--ExpenseExampleYear10_dn_zvi7i9eGpu7c" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000192204Member_zutFcSSvDGL9" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$91</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$284</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$493</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,096</td></tr> </table> 121 378 654 1443 91 284 493 1096 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">24</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.24 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 60% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 40% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of asset-backed securities, mortgage-backed securities, derivatives, and/or junk bonds in order to execute their investment strategy. In determining allocations to any particular Underlying Fund, the Fund’s Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. Under normal circumstances, the Fund allocates approximately 60% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 40% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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 and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. 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 additional indices 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. Effective September 25, 2017, the Fund was combined with the JNAM Guidance – Growth Fund (the “Acquired Fund”), a series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Fund. Effective April 25, 2022, the Fund was combined with the JNL/Franklin Templeton Growth Allocation Fund (“Acquired Fund”), with the Fund as the surviving Fund. The performance shown is the Fund’s historical performance and does not reflect the performance of the Acquired Fund. Consistent with the Fund’s principal investment strategies, the Fund uses the 80% Morningstar® Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A80_eoef--BarChartTableTextBlock_zEClI0aXKPyk"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zRCV2p5X5Pfc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000039496Member_zBs6l8EiLQec" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zYhoIdpjjUXb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">7.53</td></tr> <tr id="xdx_417_20170101__20171231_zXp9g3SiSKI8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">18.64</td></tr> <tr id="xdx_41A_20180101__20181231_zZAGsR3uUFbk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-9.07</td></tr> <tr id="xdx_416_20190101__20191231_zykw4f8jrTLe" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">23.68</td></tr> <tr id="xdx_41A_20200101__20201231_zZeTBe2H4mNd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">15.34</td></tr> <tr id="xdx_419_20210101__20211231_zigTnrIQXrfc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">13.13</td></tr> <tr id="xdx_415_20220101__20221231_z0a4QrEXDtH8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-18.64</td></tr> <tr id="xdx_412_20230101__20231231_z3P6zlbr2j97" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.55</td></tr> <tr id="xdx_41C_20240101__20241231_z4BF09SCGV6i" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">10.60</td></tr> <tr id="xdx_418_20250101__20251231_zh7XwWZnZxxj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">14.81</td></tr> </table> <img alt="PerformanceBarChartData(2016:7.53,2017:18.64,2018:-9.07,2019:23.68,2020:15.34,2021:13.13,2022:-18.64,2023:16.55,2024:10.6,2025:14.81)" src="jnlst485bpos226.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.77%; Worst Quarter (ended 3/31/2020): -20.33% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zua4vy8utvti" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_482_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192204Member_zlczduUy9kia" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zC4YGkuoafw2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-8.84</td></tr> <tr id="xdx_416_20190101__20191231_zCBWzOOynAi7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">23.99</td></tr> <tr id="xdx_41A_20200101__20201231_zLvU1cJp2zT7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">15.70</td></tr> <tr id="xdx_419_20210101__20211231_zS6aMMObirQi" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">13.51</td></tr> <tr id="xdx_415_20220101__20221231_zxxFbD1Eozn8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-18.40</td></tr> <tr id="xdx_412_20230101__20231231_zWT8Dsk2qm6a" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.90</td></tr> <tr id="xdx_41C_20240101__20241231_z91cb0PTBr1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">10.92</td></tr> <tr id="xdx_418_20250101__20251231_z8oxM5Gz0qYl" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.19</td></tr> </table> <img alt="PerformanceBarChartData(2018:-8.84,2019:23.99,2020:15.7,2021:13.51,2022:-18.4,2023:16.9,2024:10.92,2025:15.19)" src="jnlst485bpos227.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 18.78%; Worst Quarter (ended 3/31/2020): -20.20% 0.0753 0.1864 -0.0907 0.2368 0.1534 0.1313 -0.1864 0.1655 0.1060 0.1481 Best Quarter 2020-06-30 0.1877 Worst Quarter 2020-03-31 -0.2033 -0.0884 0.2399 0.1570 0.1351 -0.1840 0.1690 0.1092 0.1519 Best Quarter 2020-06-30 0.1878 Worst Quarter 2020-03-31 -0.2020 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_z5vtCaxr5r1h"></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zVNYadXwstng" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_z75ILBjCPhig" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zXSKhZW1GUVk" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zHy3Ar5DZTk1" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000039496Member_zeJk1z4Wgood" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Growth Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">14.81</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">6.38</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">8.47</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zTL4JH16GOy9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zLLTbae45REb" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zRf3TkNpOokf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.85</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zcZEexnQ7BRf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_znxuiGxLR1Qc" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zAVHGX5qLxO4" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zQvpumC092y4" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192204Member_z81MYvxABrq8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Growth Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">15.19</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">6.71</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">7.98</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zoiC3dYgYDT9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarModeratelyAggressiveTargetRiskIndexMember_zYPY2LxNSp75" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Moderately Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">18.45</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.94</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.79</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--EightyPercentMorningstarGlobalTargetMarketExposureIndexNetTwentyPercentBloombergUSAggregateIndexMember_zbhSgpkQGkL3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">80% Morningstar Global Target Market Exposure Index (Net), 20% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">19.18</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">8.89</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.37</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zVnx83tU7eS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1481 0.0638 0.0847 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.1845 0.0794 0.0959 0.1918 0.0889 0.0985 0.0730 -0.0036 0.0201 2017-09-25 0.1519 0.0671 0.0798 0.2223 0.1120 0.1115 0.1845 0.0794 0.0879 0.1918 0.0889 0.0937 0.0730 -0.0036 0.0172 JNL Aggressive Growth Allocation Fund Class A Class I Investment Objective. The investment objective of the Fund is 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. <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zORyTzYBqK4h"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_z6OZjmVe1Ldl"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zm1qyOhg2Q5b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_496_20260423__20260423__oef--ClassAxis__custom--C000039497Member_zY8PvYbunlbh" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class A</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zuZ4vbqHdIR9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zxH6OTjaD7n1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.30%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zKcH0q4ZJ6yk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zbbCWz9COYmh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.71%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_zghoqsFRJM78" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">1.16%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000192205Member_zTMeMg9imbLc" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_401_eoef--ManagementFeesOverAssets_dpn_zAGk6agBFeei" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zziLQOcLe3cd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zziFBYXHjKD2" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.05%</td></tr> <tr id="xdx_40B_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zIIBussBqcbi" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.71%</td></tr> <tr id="xdx_40D_eoef--ExpensesOverAssets_dpn_z9mhowZGuR62" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.86%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">“Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”).</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">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.</td></tr> </table> 0.0010 0.0030 0.0005 0.0071 0.0116 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. 0.0010 0.0000 0.0005 0.0071 0.0086 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: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFHK708y1Qd3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z5iLq8rP6cbf" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Aggressive Growth Allocation Fund Class A</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zdLxhLpmBQM2" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zRA9rtZecXfa" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_z3M23NVqjo" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_zuietL1rZNb6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_415_20260423__20260423__oef--ClassAxis__custom--C000039497Member_z0MlfyZRZPPj" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$118</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$368</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$638</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,409</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Aggressive Growth Allocation Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zNKakQVRJmIi" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zqTIqaSa8gQ4" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear05_dn_zFzHwoG2G5h7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_dn_znp4lVUBZX18" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41B_20260423__20260423__oef--ClassAxis__custom--C000192205Member_zu1Egj6Cv2ia" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$88</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$477</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$1,061</td></tr> </table> 118 368 638 1409 88 274 477 1061 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">31</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.31 Principal Investment Strategies. The Fund seeks to achieve its objective by investing in Class I shares of a diversified group of other Funds (“Underlying Funds”). The Underlying Funds in which the Fund may invest are the Jackson Credit Opportunities Fund, the Jackson Real Assets Fund, and certain Funds that are part of the JNL Series Trust. Not all Funds of the JNL Series Trust are available as Underlying Funds. Please refer to the statutory prospectus for a list of available Underlying Funds. Under normal circumstances, the Fund allocates approximately 70% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 30% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. The Fund allocates its assets among Underlying Funds categorized by the Adviser into the following investment categories: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Allocation</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Alternative</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Fixed Income</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>International/Global Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>Sector Equity</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.2in"></td><td style="width: 0.2in">●</td><td>U.S. Equity</td></tr></table> The Fund considers the Underlying Funds in the Fixed-Income investment category to be funds that invest primarily in fixed-income securities, and the Underlying Funds in the International/Global Equity, Sector Equity, and U.S. Equity investment categories to be funds that invest primarily in equity securities. The Underlying Funds in the Allocation investment category include funds that can invest in a variety of asset classes in various proportions, may take measures to manage risk and/or adapt to prevailing market conditions and may have significant exposure to both fixed-income and equity securities. To the extent the Fund invests in one of these Underlying Funds, the Fund’s exposure to fixed-income securities and equity securities will be allocated according to the Underlying Fund’s relative exposure to these asset classes. The Fund considers the Underlying Funds in the Alternative investment category to be funds that invest primarily in alternative assets and employ alternative strategies. Two Underlying Funds, the Jackson Credit Opportunities Fund and the Jackson Real Assets Fund, each operate as an interval fund pursuant to Rule 23c-3 under the Investment Company Act of 1940, as amended (the “1940 Act”). Some of the Underlying Funds, particularly those classified as Fixed Income Strategies, may hold a significant amount of asset-backed securities, mortgage-backed securities, derivatives, and/or junk bonds in order to execute their investment strategy. In determining allocations to any particular Underlying Fund, the Fund’s Adviser considers, among other things, long-term market and economic conditions, historical performance of each Underlying Fund, and expected long-term performance of each Underlying Fund, as well as diversification to control overall portfolio risk exposure. Some of the Underlying Funds may invest in securities issued by companies located in countries outside the United States, including a range of developing and emerging market countries. An “emerging market country” is a country that, at the time of investment, is classified as an emerging or developing country by any supranational organization such as an institution in the World Bank Group or the United Nations, or similar entity, or is considered an emerging market country for purposes of constructing a major emerging market securities index. The Adviser may change the Underlying Funds in which the Fund invests from time to time at its discretion without notice or shareholder approval. Therefore, the Fund may invest in Underlying Funds that are not listed in the statutory prospectus. Under normal circumstances, the Fund allocates approximately 70% to 100% of its assets to Underlying Funds that invest primarily in equity securities, 0% to 30% to Underlying Funds that invest primarily in fixed-income securities, 0% to 20% of its assets to Underlying Funds that invest primarily in money market securities, and 0% to 20% of its assets to Underlying Funds that invest primarily in alternative assets and employ alternative strategies. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. Allocation risk – The Fund’s ability to achieve its investment objective depends upon the investment manager’s analysis of such factors as macroeconomic trends, outlooks for various industries and asset class valuations, and its ability to select an appropriate mix of asset classes and Underlying Funds based on its analysis of such factors. The Fund is subject to the risk of changes in market, investment, and economic conditions in the selection and percentages of allocations among Underlying Funds. Underlying funds risk – The ability of the Fund to achieve its investment objective will depend in part upon the allocations of investments in the Underlying Funds and their ability to achieve their investment objectives. 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 an Underlying Fund could decline if the financial condition of the companies an Underlying 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 and small-capitalization investing risk – The securities of mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable a Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of a Fund’s portfolio. Generally, the smaller the company size, the greater these risks become. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. 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. 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. An Underlying 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. 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. 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. 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. 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. 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 additional indices 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. Effective September 25, 2017, the Fund was combined with the JNAM Guidance – Equity 100 Fund and JNAM Guidance – Maximum Growth Fund (together, the “Acquired Funds”), series of Jackson Variable Series Trust, with the Fund as the surviving Fund. The performance shown is the Fund’s historic performance and does not reflect the performance of the Acquired Funds. Consistent with the Fund’s principal investment strategies, the Fund uses the 90% Morningstar® Global Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index as the Fund’s tertiary benchmark. 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 additional indices 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_z64Q4ny737ek"></div> Annual Total Returns as of December 31 Class A <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zM2vDUYLG4Vf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000039497Member_z5XFX9o5jElg" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41D_20160101__20161231_zQE3LnVW6J12" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2016</td> <td style="display: none; visibility: hidden">8.08</td></tr> <tr id="xdx_417_20170101__20171231_zfdczR1GrAye" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2017</td> <td style="display: none; visibility: hidden">21.40</td></tr> <tr id="xdx_41A_20180101__20181231_zddXjeIJzmp2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-10.47</td></tr> <tr id="xdx_416_20190101__20191231_zQEx4IXoRPCj" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">26.05</td></tr> <tr id="xdx_41A_20200101__20201231_zdS6KCHnwq01" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">16.37</td></tr> <tr id="xdx_419_20210101__20211231_zXspKSd27eL1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">15.42</td></tr> <tr id="xdx_415_20220101__20221231_zyqrd9LLljbf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-19.81</td></tr> <tr id="xdx_412_20230101__20231231_zAq94HgIKzVb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">18.43</td></tr> <tr id="xdx_41C_20240101__20241231_zKHrlWCUmkEf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">11.93</td></tr> <tr id="xdx_418_20250101__20251231_zXWHtDm5MmQ1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.62</td></tr> </table> <img alt="PerformanceBarChartData(2016:8.08,2017:21.4,2018:-10.47,2019:26.05,2020:16.37,2021:15.42,2022:-19.81,2023:18.43,2024:11.93,2025:15.62)" src="jnlst485bpos228.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.48%; Worst Quarter (ended 3/31/2020): -23.47% Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zM4vDUYLG7Vf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_485_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000192205Member_zM3nbPLC21Ph" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_41A_20180101__20181231_zLRLv9jNaava" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2018</td> <td style="display: none; visibility: hidden">-10.15</td></tr> <tr id="xdx_416_20190101__20191231_z6PkE6hDQpVa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2019</td> <td style="display: none; visibility: hidden">26.37</td></tr> <tr id="xdx_41A_20200101__20201231_z6X8vJyfx0Bd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2020</td> <td style="display: none; visibility: hidden">16.73</td></tr> <tr id="xdx_419_20210101__20211231_zpYlNhcV7DX2" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2021</td> <td style="display: none; visibility: hidden">15.73</td></tr> <tr id="xdx_415_20220101__20221231_zOaeQNvTMv9b" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-19.61</td></tr> <tr id="xdx_412_20230101__20231231_zjBiEPMusZbh" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">18.84</td></tr> <tr id="xdx_41C_20240101__20241231_zqFmPlA29XFf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">12.28</td></tr> <tr id="xdx_418_20250101__20251231_zuuXd3krvGYk" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">15.94</td></tr> </table> <img alt="PerformanceBarChartData(2018:-10.15,2019:26.37,2020:16.73,2021:15.73,2022:-19.61,2023:18.84,2024:12.28,2025:15.94)" src="jnlst485bpos229.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2020): 21.49%; Worst Quarter (ended 3/31/2020): -23.37% 0.0808 0.2140 -0.1047 0.2605 0.1637 0.1542 -0.1981 0.1843 0.1193 0.1562 Best Quarter 2020-06-30 0.2148 Worst Quarter 2020-03-31 -0.2347 -0.1015 0.2637 0.1673 0.1573 -0.1961 0.1884 0.1228 0.1594 Best Quarter 2020-06-30 0.2149 Worst Quarter 2020-03-31 -0.2337 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zYqRSnqhnW7f"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zwsK8gLfpt2j" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; width: 70%">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_zs4d2Yy7oRRj" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_498_20210101__20251231_zw5XFBYhnpl2" style="width: 8%"> </td> <td style="width: 2%"> </td> <td id="xdx_495_20160101__20251231_zSLxR2HNjgC3" style="width: 8%"> </td> <td style="width: 2%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; text-align: center">10 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000039497Member_zTfq1Ti0xBOb" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">JNL Aggressive Growth Allocation Fund (Class A)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">15.62</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.24</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right">9.35</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zz7pTAMnW63e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.70</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarAggressiveTargetRiskIndexMember_zhumIaQL7Iz1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.89</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--NinetyPercentMorningstarGlobalTargetMarketExposureIndexNetTenPercentBloombergUSAggregateIndexMember_ztzn3fKJd6e9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">90% Morningstar Global Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.04</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.78</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zKjj6wI4yeni" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">2.01</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_49C_20250101__20251231_z15wVikFCSW1" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td id="xdx_498_20210101__20251231_zKtYbwgMG17h" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20170925__20251231_zYLpsE7m9Zbd" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td style="border-top: black 1pt solid; border-left: black 1pt solid; text-align: center">5 year</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">Life of Class (September 25, 2017)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000192205Member_zQmQkcXBhVp4" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 70%">JNL Aggressive Growth Allocation Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">15.94</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; width: 8%; text-align: right">8.74</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarGlobalTargetMarketExposureIndexNetMember_zz8a2Ex7klKf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Global Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">22.23</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.20</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarAggressiveTargetRiskIndexMember_zd4tqkyhxeq4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar Aggressive Target Risk Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.43</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.59</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">9.99</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--NinetyPercentMorningstarGlobalTargetMarketExposureIndexNetTenPercentBloombergUSAggregateIndexMember_zFqtztEPSaw8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">90% Morningstar Global Target Market Exposure Index (Net), 10% Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">20.70</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.04</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">10.26</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zs8ZZ1LQexh1" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">-0.36</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">1.72</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 0.1562 0.0724 0.0935 (reflects no deduction for fees, expenses, or taxes) 0.2223 0.1120 0.1170 0.2043 0.0959 0.1089 0.2070 0.1004 0.1078 0.0730 -0.0036 0.0201 2017-09-25 0.1594 0.0756 0.0874 0.2223 0.1120 0.1115 0.2043 0.0959 0.0999 0.2070 0.1004 0.1026 0.0730 -0.0036 0.0172 JNL Bond Index Fund Class I Investment Objective. The investment objective of the Fund (“Fund” or “Master Fund”) is to track the performance of the Bloomberg® U.S. Aggregate Index to provide a moderate rate of income by investing in domestic fixed-income investments. 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zdwWStnXz3yc"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zpBWiU7XMli3"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zH3VFO7ZnJJ6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49E_20260423__20260423__oef--ClassAxis__custom--C000225787Member_zwyEbYhzoJx1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_409_eoef--ManagementFeesOverAssets_dpn_zdv9sJ0Q6H8b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z9agGTo4dCLh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40D_eoef--OtherExpensesOverAssets_dpn_zl0bo32ztFK8" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_40E_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zrtTx2Y6ODLh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Acquired Fund Fees and Expenses1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_402_eoef--ExpensesOverAssets_dpn_zx9om7Eqhigg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.22%</td></tr> <tr id="xdx_407_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zNvlp1vZjaKk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement2</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.13%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zdBf4u45eX4b" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.09%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">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.</td></tr> <tr> <td style="vertical-align: top">2</td> <td style="vertical-align: bottom">JNAM has contractually agreed to waive 0.13% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0001 0.0001 0.0022 -0.0013 0.0009 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: <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0hZCFZfL80l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zXnsr96zqCu5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Bond Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_dn_zXQO9O7j4ks8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_dn_zTA8jtd2DS3h" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_dn_zblOA6utrLBb" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_dn_zPHr4dquROL7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000225787Member_zChqIQLZZRl3" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$9</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$58</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$111</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$267</td></tr> </table> 9 58 111 267 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">88</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.88 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income securities that seek to track the performance and characteristics of the Bloomberg U.S. Aggregate Index (“Index”) that Mellon Investments Corporation ("Mellon" or "Sub-Adviser") believes to be important such as Option Adjusted Duration, Maturity, Average Quality Rating, Sector/Industries, and Yield to worst. The Index includes Treasuries, government-related credit, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and commercial mortgage backed securities (agency and non-agency). Research and experience indicate that it is impractical to attempt to fully replicate most broad fixed-income securities market indices. The Index includes thousands of issues, many of which may be illiquid and unavailable in the secondary markets. Additionally, reinvestment of cash flows would be costly in a full replication environment, as it would entail trading many issues in uneven amounts. Given these difficulties, the Sub-Adviser utilizes a representative sampling approach that combines analysis and the experience and judgment of its investment professionals. Through the representative sampling approach, the Sub-Adviser selects what it believes is a representative basket of securities in order to track the important risk characteristics of the Index. Given this fixed income index cannot be fully replicated, the Fund uses a representative sampling approach to select bonds that match the important risk characteristics of the Index. The Fund's holdings are rebalanced on a monthly basis to reflect changes in the composition of the Index. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, such as actively buying and selling bonds based upon interest rate bets or sector rotation. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long-term. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in fixed-income securities that seek to track the performance and characteristics of the Bloomberg U.S. Aggregate Index (“Index”) that Mellon Investments Corporation ("Mellon" or "Sub-Adviser") believes to be important such as Option Adjusted Duration, Maturity, Average Quality Rating, Sector/Industries, and Yield to worst. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. Fixed-income risk – The price of fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the credit risk of individual issuers. Rising interest rates generally will cause the price of bonds and other fixed-income debt securities to fall. Falling interest rates may cause an issuer to redeem, call or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Bonds and other fixed-income debt securities are subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a fixed-income security will fail to make timely payments of principal or interest and the security will go into default. Debt instruments typically do not provide any voting rights, except in cases when interest payments have not been made and the issuer is in default. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. U.S. Government securities risk – Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government. They may be: (i) supported by the full faith and credit of the U.S. Treasury; (ii) supported by the right of the issuer to borrow from the U.S. Treasury; (iii) supported by the discretionary authority of the U.S. Government to purchase the issuer’s obligations; or (iv) supported only by the credit of the issuer. The maximum potential liability of the issuers of some U.S. Government securities may greatly exceed their current resources, or their legal right to receive support from the U.S. Treasury. 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. Mortgage-related and other asset-backed securities risk – Rising interest rates tend to extend the duration of mortgage-related and other asset-backed securities, making them more sensitive to changes in interest rates and exhibit increased volatility. When interest rates decline, borrowers may pay off their mortgages or other loans sooner than expected, which can reduce the returns. Extension risk – When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, which may cause the value of those securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A8F_eoef--BarChartTableTextBlock_zArZDfpmNd3l"></div> Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zvy3bHhQLO69" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_481_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225787Member_z0Wv00MdnX8a" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_411_20220101__20221231_zQgjowYnlgrb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.11</td></tr> <tr id="xdx_419_20230101__20231231_zPITKn4qHTt6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">5.49</td></tr> <tr id="xdx_411_20240101__20241231_zZ9Cwfc53Vn4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">1.19</td></tr> <tr id="xdx_411_20250101__20251231_zJPSqsikumd3" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">7.17</td></tr> </table> <img alt="PerformanceBarChartData(2022:-13.11,2023:5.49,2024:1.19,2025:7.17)" src="jnlst485bpos230.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 6.71%; Worst Quarter (ended 3/31/2022): -5.86% -0.1311 0.0549 0.0119 0.0717 Best Quarter 2023-12-31 0.0671 Worst Quarter 2022-03-31 -0.0586 <div id="xdx_A89_eoef--PerformanceTableTextBlock_ziLuzDl86891"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zQmtfAkA4eO8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zUMzsPTa9Kb8" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_494_20210426__20251231_zJDeM59sXtFc" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225787Member_z85zixhPfXhf" style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 80%">JNL Bond Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.17</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">0.02</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_zitGBeoAgn9g" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Bloomberg U.S. Aggregate Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.30</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">0.14</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.0717 0.0002 (reflects no deduction for fees, expenses, or taxes) 0.0730 0.0014 JNL Emerging Markets Index Fund Class I Investment Objective. The investment objective of the Fund (“Fund” or “Master Fund”) is to track the performance of the Morningstar® Emerging Markets Target Market Exposure Index℠ (Net), which is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the emerging markets equity markets. 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 (fees paid directly from your investment) Not Applicable <div id="xdx_A8C_eoef--AnnualFundOperatingExpensesTableTextBlock_zajUHdhAyNCd"></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zqP3OxRfmcJ5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_492_20260423__20260423__oef--ClassAxis__custom--C000225789Member_zT6wb4pKFIM7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_402_eoef--ManagementFeesOverAssets_dpn_zeJrCImcKWAj" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_z6FgbVEVTTS9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_40F_eoef--OtherExpensesOverAssets_dpn_zrG0IcPdzYTg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.02%</td></tr> <tr id="xdx_40B_eoef--ExpensesOverAssets_dpn_zvztZaIXBhVd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.22%</td></tr> <tr id="xdx_409_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_zQY5jN8tzYEf" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.06%</td></tr> <tr id="xdx_40A_eoef--NetExpensesOverAssets_dpn_zsNpiZbvnm4e" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.16%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">JNAM has contractually agreed to waive 0.06% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0002 0.0022 -0.0006 0.0016 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: <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeildBvTxLB"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_z59wwrYjgez8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Emerging Markets Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_znB5A7NsfCQ8" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_dn_z6b1WaPUXwb" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_488_eoef--ExpenseExampleYear05_dn_zTPlBltHwtL3" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_480_eoef--ExpenseExampleYear10_dn_z8h0uZi2GOr6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41C_20260423__20260423__oef--ClassAxis__custom--C000225789Member_ztwcEBFb1M75" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$16</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$65</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$118</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$274</td></tr> </table> 16 65 118 274 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">11</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.11 Principal Investment Strategies. The Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar® Emerging Markets Target Market Exposure Index℠ (Net) (“Index”), including depositary receipts representing securities of the Index; which may be in the form of American Depositary receipts (“ADRs”), Global Depositary receipts (“GDRs”) and European Depositary receipts (“EDRs”). The Index is a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Emerging Markets equity markets. Morningstar Indexes classifies Brazil, Chile, Colombia, Mexico, Peru, China, India, Indonesia, South Korea, Malaysia, Philippines, Taiwan, Thailand, Czech Republic, Greece, Hungary, Russia, Turkey, Egypt, Kuwait, Qatar, South Africa, Saudi Arabia, and United Arab Emirates as Emerging Markets. Morningstar Indexes reviews the market classification annually and consecutively updates the list. There is no specific tilt based on region. While the Index will contain securities from China and Russia, their weights are determined solely in accordance with their float market capitalization. As of December 31, 2025, total percentage weight of securities from China was 29% and that from Russia was 0%. The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 1,469 constituents and the full market capitalization range was $307 million to $1.5 trillion. The number of securities is not fixed and can vary from reconstitution to reconstitution. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the performance of the Index by investing all or substantially all of its assets in the securities that comprise the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. Emerging market issuers may not be subject to accounting, auditing, legal and financial reporting standards comparable to those in developed markets, and emerging markets generally have less diverse and less mature economic structures, as well as less stable political systems, than those of developed countries. Because the Fund seeks to track an index comprised of foreign securities, it may be more susceptible to such risks than a Fund that seeks to track an index comprised of domestic securities. When attempting to replicate the Index, portfolio turnover is typically limited to what the Index adds and deletes, contract owner contributions and withdrawals, fund of fund purchases and redemptions, and reinvestment income. The replicated portfolio does not require rebalancing as a result of market movement. The Fund stays aligned with the Index automatically with the change in share price, due to the close similarity between the holdings of the Index and those of the Fund. The Fund will rebalance on or about the date that the Index rebalances. The Fund will use to a significant degree derivative instruments, such as options, futures, and options on futures (including those relating to securities, indexes, foreign currencies and interest rates), forward contracts, swaps and hybrid instruments (typically structured notes), as a substitute for investing directly in equities, bonds and currencies in connection with its investment strategy. The Fund also may use such derivatives as part of a hedging strategy or for other purposes related to the management of the Fund. Derivatives may be entered into on established exchanges or through privately negotiated transactions referred to as over-the-counter derivatives. The Fund also may purchase or sell securities on a forward commitment (including “TBA” (to be announced) basis). These transactions involve a commitment by the Fund to purchase or sell particular securities with payment and delivery taking place at a future date and permit the Fund to lock in a price or yield on a security it owns or intends to purchase, regardless of future changes in interest rates or market conditions. The Fund also may invest in derivative securities to manage cash flows and equitize dividend accruals. In addition, the Fund may also invest in exchange-traded funds (“ETFs”). ETFs may be used in the Fund to invest cash until such time as the Fund purchases local securities. ETFs may also be used to gain exposure to local markets that may be closed, or that are expensive or difficult to trade in local shares. The Fund may concentrate its investments in an industry or group of industries to the extent that the Index that the Fund is designed to track is also so concentrated. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund seeks to invest under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in securities included in the Morningstar® Emerging Markets Target Market Exposure Index℠ (Net) (“Index”), including depositary receipts representing securities of the Index; which may be in the form of American Depositary receipts (“ADRs”), Global Depositary receipts (“GDRs”) and European Depositary receipts (“EDRs”). As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. China risk – The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions and policy in China and surrounding Asian countries. A relatively small number of Chinese companies represents a large portion of China’s total market and thus may be more sensitive to adverse political or economic circumstances and market movements. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment, among others. Under China’s political and economic system, the central government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. In addition, expropriation, including nationalization, repatriation of capital, confiscatory taxation, political, economic or social instability or other developments could adversely affect and significantly diminish the values of the Chinese companies in which the Fund invests. The Chinese securities markets are subject to more frequent trading halts and low trading volume, resulting in substantially less liquidity and greater price volatility. These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund. Russia investment risk – During periods when sanctions are in place, such as the ongoing Russia/Ukraine war, there are risks related to holding positions located in or with ties to Russia. This may include, but is not limited to, the inability to dispose of securities in that country, the inability to settle securities transactions in that country, and the inability to repatriate currency from that country. Investments in sanctioned countries may be volatile, and the Fund and its pricing agent may have difficulty valuing such sanctioned securities. Absent sanctions prohibiting these investments, the Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the underdeveloped state of Russia’s banking system and securities markets, settlement, clearing and registration of securities transactions are subject to significant risks. With the implementation of the National Settlement Depository (“NSD”) in Russia as a recognized central securities depository, title to Russian equity securities is now based on the records of the NSD and not the registrars. Although the implementation of the NSD is generally expected to decrease the risk of loss in connection with recording and transferring title to securities, issues resulting in loss still might occur. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and/or issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. 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. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. Concentration risk – The Fund may concentrate its investments in certain securities. To the extent that the Fund focuses on particular countries, regions, industries, sectors, issuers, types of investment or limited number of securities from time to time, the Fund may be subject to greater risks of adverse economic, business or political developments in the area of focus than a fund that invests in a wider variety of countries, regions, industries, sectors or investments. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Clearance and settlement risk – Foreign securities markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. This risk may be magnified in emerging markets because settlement systems may be less organized, creating a risk that settlements may be delayed or lost because of failures or defects in such systems. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A81_eoef--BarChartTableTextBlock_zTV8HeXiEp59"></div> Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_zIzz8wrTIA8c" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48C_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225789Member_zlWSmLdkkPai" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20220101__20221231_z5dlbCdtdCA1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-18.48</td></tr> <tr id="xdx_415_20230101__20231231_zmNO8HubXrI4" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">9.87</td></tr> <tr id="xdx_412_20240101__20241231_zXCJN4r8mShc" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">6.19</td></tr> <tr id="xdx_41B_20250101__20251231_zVx3xLYjqvka" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">31.66</td></tr> </table> <img alt="PerformanceBarChartData(2022:-18.48,2023:9.87,2024:6.19,2025:31.66)" src="jnlst485bpos231.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 6/30/2025): 11.32%; Worst Quarter (ended 9/30/2022): -11.01% -0.1848 0.0987 0.0619 0.3166 Best Quarter 2025-06-30 0.1132 Worst Quarter 2022-09-30 -0.1101 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zzx46FB87uba"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zzxrlcwKUfd3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zXSvzbzGydj9" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_498_20210426__20251231_zq4qlYJjhu28" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225789Member_z7t4kRQ8raUj" style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 80%">JNL Emerging Markets Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">31.66</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.07</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarEmergingMarketsTargetMarketExposureIndexNetMember_zV5LPin2q8Lg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Emerging Markets Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.62</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.71</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.3166 0.0307 (reflects no deduction for fees, expenses, or taxes) 0.3162 0.0371 JNL International Index Fund Class I Investment Objective. The investment objective of the Fund (“Fund” or “Master Fund”) is to track the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure Index℠ (Net) (“Index”) to provide long-term capital growth by investing in international equity securities. 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. <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zmWcTri3znvb"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zqXfqYQtzNuk"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zXBHRcxbhg0i" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000225788Member_zCMaOYyDLTZ6" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zifEtETLTMxg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_z0FqWmrTkKvk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_401_eoef--OtherExpensesOverAssets_dpn_zlwwzWQKpJp5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.01%</td></tr> <tr id="xdx_409_eoef--ExpensesOverAssets_dpn_z2BJa00gWlZ6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.21%</td></tr> <tr id="xdx_40A_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_ztSN6VzkNVq5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.11%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zTbJeBGJ6VD7" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">JNAM has contractually agreed to waive 0.11% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0001 0.0021 -0.0011 0.0010 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: <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zj2w8TNSQWC5"></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zZndkwk2j0H6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL International Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_dn_zqY6pwna5F59" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_dn_zqc1Javf1Uc2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zjo47KSzQPng" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_dn_zFeSGtOPyweb" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_410_20260423__20260423__oef--ClassAxis__custom--C000225788Member_zWpiVzczZHFc" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$10</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$56</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$107</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$257</td></tr> </table> 10 56 107 257 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.15 Principal Investment Strategies. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Index or derivative securities economically related to the Index. The Fund seeks to track the performance and characteristics of the Index, a rules-based, float market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. As of December 31, 2025, the Index included equities listed in Austria, Australia, Belgium, Switzerland, Germany, Denmark, Spain, Finland, France, Great Britain, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, Norway, New Zealand, Poland, Portugal, Sweden, Singapore, and the U.S. (non-U.S. entities that are listed in the U.S.). The Index is reconstituted semiannually and implemented after the close of business on the third Friday of June and December and is effective the following Monday. The Index is rebalanced quarterly and implemented after the close of business on the third Friday of March, June, September, and December and is effective the following Monday. As of December 31, 2025, the Index had 650 constituents and the full market capitalization range was $463 million to $420 billion. The number of securities is not fixed and can vary from reconstitution to reconstitution. To implement this strategy, the Fund may invest up to 50% of its net asset value in financial futures, a type of derivative, to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. In addition, the Fund may use foreign currency forward contracts, a type of derivative, to maintain the approximate currency exposure of the Index. The Fund's use of financial futures and foreign currency forward contracts is intended to assist replicating the investment performance of the Index. The Fund may also invest in a combination of exchange-traded funds ("ETFs") and cash to maintain correlation to its Index, to assist with Index rebalances, and to meet redemption or purchase requests. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. Indexing may offer a cost-effective approach to gaining diversified market exposure over the long term. The Fund's holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund invests under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the Index or derivative securities economically related to the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Forward and futures contract risk – The successful use of forward and futures contracts draws upon the Sub-Adviser’s skill and experience with respect to such instruments and are subject to special risks including, but not limited to: (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the Sub-Adviser’s inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (e) the possibility that the counterparty, clearing member or clearinghouse will default in the performance of its obligations; and (f) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Asian investment risk – Investing in Asia involves many of the same risks as investing in foreign securities. In addition, since Asia includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Asia and to be more volatile than the performance of more geographically diversified funds. Currency risk – Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value or, in the case of hedging positions, that the currency may decline in value relative to the currency being hedged. Currency exchange rates can be volatile and may be affected by a number of factors, such as the general economics of a country, the actions (or inaction) of U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. European investment risk – Investing in Europe involves many of the same risks as investing in foreign securities. In addition, since Europe includes both developed and emerging markets, investments by the Fund will be subject to the risks associated with investments in such markets. Performance is expected to be closely tied to social, political, and economic conditions within Europe and to be more volatile than the performance of more geographically diversified funds. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. 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. 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. 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. The Fund’s past performance is not necessarily an indication of how the Fund will perform in the future. <div id="xdx_A85_eoef--BarChartTableTextBlock_zPzxgVJnSAH7"></div> Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zgaSbatQrWqj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225788Member_zzYzq18gWK4j" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20220101__20221231_zUI1OzNkI5vd" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.75</td></tr> <tr id="xdx_415_20230101__20231231_zgRjd209ySbb" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">17.83</td></tr> <tr id="xdx_412_20240101__20241231_zjzGpWFExRQ1" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">3.46</td></tr> <tr id="xdx_41B_20250101__20251231_zWHTp2UGOLKa" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">32.13</td></tr> </table> <img alt="PerformanceBarChartData(2022:-13.75,2023:17.83,2024:3.46,2025:32.13)" src="jnlst485bpos232.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2022): 18.65%; Worst Quarter (ended 6/30/2022): -13.42% -0.1375 0.1783 0.0346 0.3213 Best Quarter 2022-12-31 0.1865 Worst Quarter 2022-06-30 -0.1342 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zfIpgtDWkk94"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zqzXPvaJcaT8" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zCjp0tlKDUEk" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49F_20210426__20251231_zcB1AC1uIgNb" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225788Member_zs7suNh10BOl" style="vertical-align: bottom"> <td style="border: black 1pt solid; width: 80%">JNL International Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">32.13</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">7.93</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarDevelopedMarketsexNorthAmericaTargetMarketExposureIndexNetMember_zZBYLa2oKAii" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid">Morningstar Developed Markets ex-North America Target Market Exposure Index (Net) (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">31.61</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">7.97</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.3213 0.0793 (reflects no deduction for fees, expenses, or taxes) 0.3161 0.0797 JNL Mid Cap Index Fund Class I Investment Objective. The investment objective of the Fund (“Fund” or “Master Fund”) is to track the performance of the S&P MidCap 400® Index to provide long-term capital growth by investing in equity securities of medium capitalization-weighted domestic corporations. 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. <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zmivIVkEv9Pb"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zqYVLGSC4VGb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zUIzNS4Qddqe" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_49C_20260423__20260423__oef--ClassAxis__custom--C000225785Member_zULo2ZGaBGI2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_408_eoef--ManagementFeesOverAssets_dpn_zRCelgMCvsub" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_40E_eoef--DistributionAndService12b1FeesOverAssets_dpn_zBZW7r9QrSsg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--OtherExpensesOverAssets_dpn_ze3kJKrHenTh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.02%</td></tr> <tr id="xdx_40A_eoef--ExpensesOverAssets_dpn_zfeTzDY9dfi9" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.22%</td></tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z2BBsEtJnMOd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_40D_eoef--NetExpensesOverAssets_dpn_z92JweQOopb5" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">JNAM has contractually agreed to waive 0.12% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0002 0.0022 -0.0012 0.0010 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: <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zR9C5uVLwPJe"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zqlfqAftTMEi" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Mid Cap Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_dn_zAFZTRs0mF9" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_dn_z84vMt7Q0SV2" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_dn_zLCvXcHOFZVk" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_dn_zjDWHqfJttFa" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41F_20260423__20260423__oef--ClassAxis__custom--C000225785Member_zPHZxnRHkpRd" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$10</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$112</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$268</td></tr> </table> 10 59 112 268 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">15</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.15 Principal Investment Strategies. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P MidCap 400 Index (“Index”) in proportion to their market capitalization weighting in the Index including REITs that meet the index provider’s criteria for market capitalization, public float, financial viability, liquidity, price reasonableness, and sector representation. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range of the Index is $1.2 billion to $33.6 billion. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long term. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment of income. The replicated portfolio does not require rebalancing as a result of market movement. It is rebalanced automatically with the change in share prices of the securities owned. The Fund’s holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks in the S&P MidCap 400 Index (“Index”) in proportion to their market capitalization weighting in the Index including REITs that meet the index provider’s criteria for market capitalization, public float, financial viability, liquidity, price reasonableness, and sector representation. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. 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. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. <div id="xdx_A8B_eoef--BarChartTableTextBlock_zBPKl3ByRHuh"></div> Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zsOPnVvCk7Rg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48D_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225785Member_zWM6M3P0tuS3" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20220101__20221231_z29ahaiFDwf8" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-13.12</td></tr> <tr id="xdx_415_20230101__20231231_zMo8XGympGI7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.32</td></tr> <tr id="xdx_412_20240101__20241231_zfh7A0r7Qkui" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">13.84</td></tr> <tr id="xdx_41B_20250101__20251231_zsoHR7tkBNPg" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">7.41</td></tr> </table> <img alt="PerformanceBarChartData(2022:-13.12,2023:16.32,2024:13.84,2025:7.41)" src="jnlst485bpos233.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 11.64%; Worst Quarter (ended 6/30/2022): -15.41% -0.1312 0.1632 0.1384 0.0741 Best Quarter 2023-12-31 0.1164 Worst Quarter 2022-06-30 -0.1541 <div id="xdx_A8E_eoef--PerformanceTableTextBlock_zO3XUspIWC3l"></div> <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zUvabdneUsN4" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_zXnFt5qWyyR3" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49C_20210426__20251231_z2D1LNAY8WFe" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225785Member_zewpnn2g1Ve5" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL Mid Cap Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">7.41</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">5.59</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zw3zAqbjkcwd" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.36</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPMidCap400IndexMember_zD87pw8dA4Dc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P MidCap 400 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">7.50</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">5.67</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.0741 0.0559 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1136 0.0750 0.0567 JNL Small Cap Index Fund Class I Investment Objective. The investment objective of the Fund (“Fund” or “Master Fund”) is to track the performance of the S&P SmallCap 600® Index to provide long-term growth of capital by investing in equity securities of small- to mid-size domestic companies. 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. <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_z6d8jibYbiw2"></div> Shareholder Fees (fees paid directly from your investment) Not Applicable <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zJbT8y0oLBZg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A50_dU_ziGvYTRBHPo5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt">Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt; width: 70%"> </td> <td id="xdx_490_20260423__20260423__oef--ClassAxis__custom--C000225786Member_zUsqM4sxkzC" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 30%; text-align: center">Class I</td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zxClBT3wa7xa" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Management Fee</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.20%</td></tr> <tr id="xdx_407_eoef--DistributionAndService12b1FeesOverAssets_dpn_zbw38J1HDYDh" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Distribution and/or Service (12b-1) Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_405_eoef--OtherExpensesOverAssets_dpn_zyGkXM1P7ie3" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.02%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zaok5mBXuoae" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.22%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_iN_dpin_z9mTjPxaQqg6" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Less Waiver/Reimbursement1</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.12%</td></tr> <tr id="xdx_400_eoef--NetExpensesOverAssets_dpn_zagXsdWUnNEg" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Total Annual Fund Operating Expenses After Waiver/Reimbursement</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">0.10%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 1%">1</td> <td style="vertical-align: bottom; width: 99%">JNAM has contractually agreed to waive 0.12% of the management fees of the Fund. The fee waiver will continue for at least one year from the date of the current Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. This fee waiver is subject to yearly review and approval by the Board of Trustees.</td></tr> </table> 0.0020 0.0000 0.0002 0.0022 -0.0012 0.0010 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: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4PXeiXe3Hhg"></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_z1LmqvVlrVk5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center; width: 25%">JNL Small Cap Index Fund Class I</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_dn_zSwNizzakrq5" style="border-right: black 1pt solid; border-left: black 1pt solid; width: 25%; text-align: center">1 year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_dn_zchSkPveC6Hg" style="border-right: black 1pt solid; width: 25%; text-align: center">3 years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_dn_zoAaKXpSdVh7" style="border-right: black 1pt solid; width: 25%; text-align: center">5 years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_dn_zT7hLwXNImV1" style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 25%; text-align: center">10 years</td></tr> <tr id="xdx_41E_20260423__20260423__oef--ClassAxis__custom--C000225786Member_ziGvVV49Nur4" style="vertical-align: bottom"> <td style="border: black 1pt solid; text-align: center">$10</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$59</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$112</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center">$268</td></tr> </table> 10 59 112 268 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. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 70%; border-collapse: collapse; margin-right: auto"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Period</td> <td colspan="2" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 68%">1/1/2025 - 12/31/2025</td> <td style="border-bottom: black 1pt solid; width: 16%; text-align: right">36</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 16%">%</td></tr> </table> 0.36 Principal Investment Strategies. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the S&P SmallCap 600 Index (“Index”) in proportion to their market capitalization weighting in the Index. The Index is a quarterly-rebalanced, float-adjusted market cap weighted index comprised of approximately 600 U.S. common equities and REITs that meet the index provider’s criteria for market capitalization, public float, financial viability, liquidity, price reasonableness, and sector representation. The Index may invest across all GICS sectors and may include investments in financial services companies. The Fund employs a passive investment approach, called indexing, which attempts to replicate the investment performance of the Index through representative sampling. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. As of December 31, 2025, the market capitalization range for the Index was $261.7 million to $9.3 billion. When attempting to replicate a capitalization-weighted index such as the Index, portfolio turnover is reduced to what the index adds and deletes, contract owner contributions and withdrawals, and reinvestment of income. The replicated portfolio does not require rebalancing as a result of market movement. It is rebalanced automatically with the change in share prices of the securities owned. The Fund’s holdings are rebalanced on a quarterly basis to reflect changes in the composition of the Index. The Fund may also invest in a combination of exchange-traded funds (“ETFs”) and cash to maintain correlation to its index, to assist with index rebalances, and to meet redemption or purchase requests. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Fund’s objective. The Fund’s use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may lend its securities to increase its income. Although the Fund is diversified, the Fund may, at times, be invested in a non-diversified manner to the extent the Index is also invested in a non-diversified manner. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings for investment purposes) in the stocks included in the S&P SmallCap 600 Index (“Index”) in proportion to their market capitalization weighting in the Index. As with any mutual fund, the value of the Fund’s shares will change, and you could lose money by investing in the Fund. 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. 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. License termination risk – The Fund may rely on licenses from a third party (licensor) that permit the Fund to use that party’s intellectual property in connection with the Fund’s name and/or investment strategies. The license may be terminated by the licensor, and as a result the Fund may lose its ability to use the licensed name or strategy, or receive important data from the licensor. Accordingly, a license may have a significant effect on the future operation of the Fund, including the need to change the investment strategy. 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. 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. Financial services risk – An investment in issuers in the financial services sector may be adversely affected by, among other things: (i) changes in the regulatory framework or interest rates that may negatively affect financial service businesses; (ii) exposure of a financial institution to a non-diversified or concentrated loan portfolio; (iii) exposure to financial leverage and/or investments or agreements which, under certain circumstances, may lead to losses (e.g., sub-prime loans); and (iv) the risk that a market shock or other unexpected market, economic, political, regulatory, public health or other event might lead to a sudden decline in the values of most or all companies in the financial services sector. Passive investment risk – The Fund is not actively managed. Unlike with an actively managed fund, the Fund does not use techniques or defensive strategies designed to lessen the effects of market volatility or to reduce the impact of periods of market decline. This means that, based on market and economic conditions, the Fund’s performance could be lower than actively managed funds that realign their portfolios more frequently based on the real-time market trends. Index investing risk – The Fund’s indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Should the Fund engage in index sampling, the performance of the securities selected will not provide investment performance tracking that of the Index. Fund performance may not exactly correspond with the performance of the relevant index for a number of reasons, including, but not limited to: the timing of purchases and redemptions of the Fund’s shares, changes in the composition of the index, and the Fund’s expenses. Certain regulatory limitations, such as fund diversification requirements, may limit the ability of the Fund to completely replicate an index. The Fund may at times be invested in a non-diversified manner to the extent that the Index is also invested in a non-diversified manner. Tracking error risk – Tracking error is the divergence of the Fund’s performance from that of the Index. The Fund’s return may not track the return of the Index for a number of reasons. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, differences in transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or interest, tax gains or losses, changes to the Index or the costs to the Fund of complying with various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not. However, the Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the 1940 Act, as amended to meet the issuer diversiﬁcation requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, or as a result of local market restrictions, or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its afﬁliates. Securities lending risk – Securities lending involves the risk of loss or delays in recovery of the loaned securities or loss of rights in the collateral if the borrower fails to return the security loaned or becomes insolvent. Real estate investment risk – Risks of investing in real estate securities include falling property values due to increasing vacancies in rental properties, declining rents resulting from economic, legal, tax, cultural, political or technological developments, lack of liquidity, limited diversification, and sensitivity to certain economic factors such as interest-rate changes and other market conditions. When growth is slowing, demand for property decreases and prices may decline, which could impact the value of real estate investments as well as mortgage-backed securities that may be held by the Fund. Real estate company share prices may drop because of the failure of borrowers to pay their loans and poor management, and residential developers, in particular, could be negatively impacted by falling home prices, slower mortgage origination and rising construction costs. The securities of smaller real estate-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited financial resources. 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. 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. 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. <div id="xdx_A88_eoef--BarChartTableTextBlock_zfdAORbjSYh"></div> Annual Total Returns as of December 31 Class I <table cellpadding="0" cellspacing="0" id="xdx_A55_dU_zjheKEjPujSk" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Schedule - Annual Total Returns"> <tr style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; width: 50%; visibility: hidden"> </td> <td id="xdx_48B_eoef--AnnlRtrPct_dp_hoef--ClassAxis__custom--C000225786Member_zHYOL9LNJ61l" style="display: none; width: 50%; visibility: hidden"> </td></tr> <tr id="xdx_416_20220101__20221231_zrmskWTk2lW6" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2022</td> <td style="display: none; visibility: hidden">-16.24</td></tr> <tr id="xdx_415_20230101__20231231_zLEahuvPnBMf" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2023</td> <td style="display: none; visibility: hidden">16.08</td></tr> <tr id="xdx_412_20240101__20241231_z3Wls3GepC11" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2024</td> <td style="display: none; visibility: hidden">8.55</td></tr> <tr id="xdx_41B_20250101__20251231_zsoNrZXP55x7" style="display: none; vertical-align: top; text-align: left; visibility: hidden"> <td style="display: none; visibility: hidden">2025</td> <td style="display: none; visibility: hidden">6.06</td></tr> </table> <img alt="PerformanceBarChartData(2022:-16.24,2023:16.08,2024:8.55,2025:6.06)" src="jnlst485bpos234.jpg" style="height: 232px; width: 449px"/> Best Quarter (ended 12/31/2023): 15.16%; Worst Quarter (ended 6/30/2022): -14.17% -0.1624 0.1608 0.0855 0.0606 Best Quarter 2023-12-31 0.1516 Worst Quarter 2022-06-30 -0.1417 <div id="xdx_A8B_eoef--PerformanceTableTextBlock_zSUgPq1bOd9j"></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zrEUfhHiBxPh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="padding-left: 5.4pt; white-space: nowrap">Average Annual Total Returns as of 12/31/2025</td> <td id="xdx_498_20250101__20251231_ztlwsinFKfl4" style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td> <td colspan="2" id="xdx_49A_20210426__20251231_zXaV4tYKWC15" style="text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt"> </td> <td style="border-top: black 1pt solid; text-align: center">1 year</td> <td style="border-top: black 1pt solid; text-align: center"> </td> <td colspan="2" style="border: black 1pt solid; text-align: center">Life of Class (April 26, 2021)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225786Member_zONNo8veSFX8" style="vertical-align: bottom"> <td style="border: black 1pt solid; padding-left: 5.4pt; width: 80%">JNL Small Cap Index Fund (Class I)</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 8%; text-align: right">6.06</td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; width: 8%; text-align: right">3.45</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 2%">%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--MorningstarUSMarketExtendedIndexMember_zLZCoG8fHnvc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">Morningstar US Market Extended Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">17.21</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">11.36</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--SAndPSmallCap600IndexMember_zeFHNt9Y59l4" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 5.4pt">S&P SmallCap 600 Index (reflects no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: black 1pt solid; text-align: right">6.02</td> <td style="border-bottom: black 1pt solid">%</td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: right">3.51</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid">%</td></tr> </table> 2021-04-26 0.0606 0.0345 (reflects no deduction for fees, expenses, or taxes) 0.1721 0.1136 0.0602 0.0351 The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. The fee table and the example reflect the expenses of both the Fund and the Master Fund. “Other Expenses” include an Administrative Fee of 0.09% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. JNAM has entered into a contractual agreement with the Fund under which it will waive a portion of its management fee for such time as the Fund is operated as a Feeder Fund, because during that time, the Adviser will not be providing the portfolio management portion of the advisory and management services. This fee waiver will continue as long as the Fund is part of a master-feeder fund structure, but in any event, the waiver will continue for at least one year from the date of this Prospectus, and continue thereafter unless the Board of Trustees approves a change in or elimination of the waiver. “Other Expenses” include an Administrative Fee of 0.20% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund’s short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.39%. The Fund’s actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund’s short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees. “Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.17%. The Fund’s actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time. 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. JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. “Other Expenses” include an Administrative Fee of 0.20% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes the costs associated with the Fund’s short sales on equity securities. When a cash dividend is declared on a security for which the Fund holds a short position, the Fund incurs the obligation to pay an amount equal to that dividend to the lender of the shorted security. In addition, the Fund incurs borrowing fees related to short sale transactions. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales to assets for the period were 0.39%. The Fund’s actual dividend expense and borrowing fees on securities sold short in future periods may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s short positions, the actual dividends paid with respect to the securities the Fund sells short, and the actual timing of the Fund’s short sale transactions, each of which is expected to vary over time. The annualized ratios of dividend expense on short sales and borrowing fees related to short sales have been restated to reflect current fees. “Other Expenses” are based on amounts incurred during the period ended December 31, 2025. The amount includes financing costs associated with secured borrowings. The annualized ratios of financing costs related to secured borrowings were 0.17%. The Fund’s actual financing costs may be significantly higher or lower than the amounts above due to, among other factors, the extent of the Fund’s involvement with secured borrowings and the costs associated with those transactions, each of which is expected to vary over time. 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. JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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 information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.05% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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 information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. JNAM has contractually agreed to waive a varying portion of its management fee in an amount equivalent to the management fee paid indirectly by the Fund attributable to its investment in WCM Partners L.P. Expense information has been restated to reflect current fees. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.10% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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. “Other Expenses” include an Administrative Fee of 0.15% which is payable to Jackson National Asset Management, LLC (“JNAM” or “Adviser”). 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.